Kentucky Statutes 275.140 – Effect of statements by members or managers
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(1) Except as provided in subsection (2) of this section, an admission, statement, or representation made by any member concerning the business or affairs of a limited liability company within the scope of the member’s authority as provided for by this chapter shall be evidence against the limited liability company.
(2) If the articles of organization provide that management of the limited liability company is vested in a manager or managers:
(a) An admission, statement, or representation made by a manager concerning the business or affairs of a limited liability company within the scope of the manager’s authority as provided for by this chapter shall be evidence against the limited liability company; and
(b) The admission, statement, or representation of any member, acting solely in the capacity of a member, shall not constitute evidence against the limited liability company.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 389, sec. 28, effective July 15, 1994.
(2) If the articles of organization provide that management of the limited liability company is vested in a manager or managers:
Terms Used In Kentucky Statutes 275.140
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- managers: means , with respect to a limited liability company that has set forth in its articles of organization that it is to be managed by managers, the person or persons designated in accordance with KRS §. See Kentucky Statutes 275.015
(a) An admission, statement, or representation made by a manager concerning the business or affairs of a limited liability company within the scope of the manager’s authority as provided for by this chapter shall be evidence against the limited liability company; and
(b) The admission, statement, or representation of any member, acting solely in the capacity of a member, shall not constitute evidence against the limited liability company.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 389, sec. 28, effective July 15, 1994.