Old 322B law: The old LLC law provides mandatory indemnification obligations.
New 322C law: The New LLC law provides much more ability to limit or define indemnification rights and obligations.
Issues to Consider: Look over your documents to determine if the indemnification rights of individuals and obligations of the LLC are what you want. As an owner, governor, and/or manager, you have different perspectives and you must consider what you want from the company or for the individuals.
Ronan R. Blaschko, Bankruptcy Attorney primarily serves the Dakota County, Ramsey County, Hennepin County, Washington County and Scott County areas in Minnesota, including cities Saint Paul, West St. Paul, Inver Grove Heights, Eagan, Apple Valley, Burnsville, Cottage Grove, Mendota Heights, Minnetonka, Richfield, Edina, Eden Prairie, Bloomington, Golden Valley, New Hope, Plymouth, Maplewood, Oakdale, Stillwater, Lake Elmo, Roseville, Little Canada, Minneapolis, Woodbury and Afton in in Minnesota.