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Form a Business

Managers; eliminating or limiting liability; exceptions.

MCL 450.4407
in effect
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450.4407. Managers; eliminating or limiting liability; exceptions. Sec. 407. A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited liability company or its members for breach of any duty established in section 404, except that the provision does not eliminate or limit the liability of a manager for any of the following: (a) The receipt of a financial benefit to which the manager is not entitled. (b) Liability under section 308. (c) A knowing violation of law. (d) An act or omission occurring before the date when the provision becomes effective. 1993, Act 23, Eff. June 1, 1993
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-450-4407Fetched: 10/20/2026

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