Indiana · Indiana Code — full code (public domain; via Open US Law, CC BY 4.0)
Ind. Code § 23-18-5-7: Ind. Code § 23-18-5-7
What this law says, in plain English
LLC members and managers who vote for improper distributions are personally liable to the company for the excess amount. They may seek contribution from other responsible parties or members who received distributions knowing they were improper. Claims must be brought within two years.
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.