S.C. Code § 33-44-403
Member's and manager's rights to payments and reimbursement
South Carolina · South Carolina Code Title 33, Chapter 44 — Uniform Limited Liability Company Act of 1996 · Status: effective
Cite this
- Citation
- S.C. Code § 33-44-403, Member's and manager's rights to payments and reimbursement, South Carolina, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1576813
- Permanent ID
ys:prov:1576813@1- SHA-256
8ff7507c4348d41bd66327de44772281a75cc444fd39c0bb7d23ecba7f4b4216
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the company or for the preservation of its business or property.
(b) A limited liability company shall reimburse a member for an advance to the company beyond the amount of contribution the member agreed to make.
(c) A payment or advance made by a member which gives rise to an obligation of a limited liability company under subsection (a) or (b) constitutes a loan to the company upon which interest accrues from the date of the payment or advance.
(d) A member is not entitled to remuneration for services performed for a limited liability company, except for reasonable compensation for services rendered in winding up the business of the company.