California Corporations Code

§ 17704.09

CORP § 17704.09 Effective Jan 1, 2016Title 2.6 · Art. 4

Statute text

(a)The fiduciary duties that a member owes to a member-managed limited liability company and the other members of the limited liability company are the duties of loyalty and care under subdivisions (b) and (c).

(b)A member’s duty of loyalty to the limited liability company and the other members is limited to the following:

(1)To account to the limited liability company and hold as trustee for it any property, profit, or benefit derived by the member in the conduct and winding up of the activities of a limited liability company or derived from a use by the member of a limited liability company property, including the appropriation of a limited liability company opportunity.

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Legislative history

Amended by Stats. 2015, Ch. 775, Sec. 9. (AB 506) Effective January 1, 2016.