(a) The only fiduciary duties a member owes to a member-managed
company and its other members are the duty of loyalty and the duty of care imposed
by subsections (b) and (c).
(b) A member's duty of loyalty to a member-managed company and its
other members is limited to the following:
(1) to account to the company and to hold as trustee for it any
property, profit, or benefit derived by the member in the conduct or winding up of
the company's business or derived from a use by the member of the company's
property, including the appropriation of a company's opportunity;
(2) to refrain from dealing with the company in the conduct or
winding up of the company's business as or on behalf of a party having an interest
adverse to the company; and
(3) to refrain from competing with the company in the conduct of the
company's business before the dissolution of the company.
(c) A member's duty of care to a member-managed company and its other
members in the conduct of and winding up of the company's business is limited to
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refraining from engaging in grossly negligent or reckless conduct, intentional
misconduct, or a knowing violation of law.
(d) A member shall discharge the duties to a member-managed company
and its other members under this [Act] or under the operating agreement and
exercise any rights consistently with the obligation of good faith and fair dealing.
(e) A member of a member-managed company does not violate a duty or
obligation under this [Act] or under the operating agreement merely because the
member's conduct furthers the member's own interest.
(f) A member of a member-managed company may lend money to and
transact other business with the company. As to each loan or transaction, the rights
and obligations of the member are the same as those of a person who is not a
member, subject to other applicable law.
(g) This section applies to a person winding up the limited liability
company's business as the personal or legal representative of the last surviving
member as if the person were a member.