If the LLC has elected to be member-managed, any actions that would require the action of the board of governors shall be made by the members. Unless Chapters 201 248 of this title, the articles or operating agreement require otherwise, decisions shall be made and actions taken by a majority vote of the members acting […]
Fiduciary Duty of Members of Member-Managed LLC. Except as provided in the articles or operating agreement, every member of a member-managed LLC must account to the LLC for any benefit, and hold as trustee for it any profits derived by the member without the consent of the other members from any transaction connected with the […]
Conflict and Procedure When Conflict Arises. A contract or other transaction between an LLC and one (1) or more of its members, or between a member-managed LLC and an organization in or of which one (1) or more of its members are governors, directors, managers, officers, partners, fiduciaries or similar equivalent or have a material […]
