A member of a limited liability company shall be fully protected in relying in good faith upon the records of the limited liability company and upon information, opinions, reports, or statements presented by another member or agent of the limited liability company, or by any other person as to matters the member reasonably believes are within that other person's professional or expert competence, including information, opinions, reports, or statements as to the value and amount of the assets, liabilities, profits, or losses of the limited liability company or a series thereof, or the value and amount of assets or reserves or contracts, agreements, or other undertakings that would be sufficient to pay claims and obligations of the limited liability company, or series thereof, or to make reasonable provision to pay those claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to members or creditors might properly be paid.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 5A - Alabama Limited Liability Company Law of 2014.
Article 4 - Relations of Members to Each Other and to the Limited Liability Company.
Section 10A-5A-4.01 - Admission of Members.
Section 10A-5A-4.02 - Limited Liability Company Property.
Section 10A-5A-4.03 - Contribution.
Section 10A-5A-4.04 - Liability for Contribution.
Section 10A-5A-4.05 - Sharing of and Right to Distributions Before Dissolution.
Section 10A-5A-4.06 - Limitation on Distributions and Liability for Improper Distributions.
Section 10A-5A-4.07 - Direction and Oversight of the Limited Liability Company.
Section 10A-5A-4.08 - Duties of Persons With Direction and Oversight.
Section 10A-5A-4.09 - Records to Be Kept; Right of Members and Dissociated Members to Information.
Section 10A-5A-4.10 - Indemnification, Advancement, Reimbursement, and Insurance.