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§ 31b-4-403 — West Virginia Law | CourtGPT
  1. Home/
  2. Laws/
  3. West Virginia/
  4. Chapter 31b - Uniform Limited Liability Company Act/
  5. Article 4 - Relations of Members to Each Other and to Limited Liability Company§31b-4-401. Form of Contribution/
  6. § 31b-4-403
West Virginia Legal Code

§ 31b-4-403

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(a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the company or for the preservation of its business or property.(b) A limited liability company shall reimburse a member for an advance to the company beyond the amount of contribution the member agreed to make.(c) A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) of this section constitutes a loan to the company upon which interest accrues from the date of the payment or advance.(d) A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation for services rendered in winding up the business of the company.