101.402 – PERMISSIVE INDEMNIFICATION, ADVANCEMENT OF
Texas Business Organizations Code § 101.402
Summary
This law allows limited liability companies to indemnify and advance expenses for their members, managers, and officers. It also permits the purchase of insurance to protect these individuals from liabilities incurred in their roles within the company.
Permits indemnification for members, managers, and officers.
Allows advance payment or reimbursement of expenses.
Enables purchase of insurance for liability protection.
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In simple terms: Learn about Texas's PERMISSIVE INDEMNIFICATION, ADVANCEMENT OF law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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