Unless otherwise provided in an operating agreement of the company, if a person is a member of a limited liability company that is managed by a manager and if the person is not a manager, the person does not have the fiduciary duty of a manager to the company or to the other members of the company when the person acts solely in the capacity of a member.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 50. Alaska Revised Limited Liability Company Act
Sec. 10.50.110. Management generally.
Sec. 10.50.115. Appointment, removal, and replacement of managers.
Sec. 10.50.120. Eligibility and number of managers.
Sec. 10.50.125. Tenure of manager.
Sec. 10.50.130. Limitation of member fiduciary duty.
Sec. 10.50.140. Conflicts of interest.
Sec. 10.50.145. Loans to managers, managing members, and employees.
Sec. 10.50.148. Indemnification of managers, managing members, employees, and agents; insurance.