79-29-308 - Information.
§ 79-29-308. Information.
(1) Each member has the right to:
(a) Inspect and copy any of the limited liability company records required to be maintained by Section 79-29-107; and
(b) Subject to such reasonable standards as may be set forth in writing in the certificate of formation or limited liability company agreement, obtain from the limited liability company from time to time upon reasonable demand for any purpose reasonably related to the member's interest as a member in the limited liability company: (i) true and full information regarding the state of the business and financial condition of the limited liability company; (ii) promptly after becoming available, a copy of the limited liability company's federal, state, and local income tax returns for each year, and (iii) other information regarding the affairs of the limited liability company as is just and reasonable.
(2) In addition to any other remedies, a court of competent jurisdiction may enforce the duty of making available the information and financial statements required by this section.
(3) In any action under this section, if the court finds that the limited liability company has failed to comply with the requirements of this section, the court may award an amount sufficient to reimburse the members bringing the action for the reasonable expenses incurred by the members, including attorneys' fees, in connection with the action or proceeding.
(4) Any waiver by a member of the rights provided in this section shall be unenforceable.
Sources: Laws, 1994, ch. 402, § 29, eff from and after July 1, 1994.