KRS § 275.140 Effect of statements by members or managers.

275.140 Effect of statements by members or managers. (1) Except as provided in subsection (2) of this section, an admission, statement, or representation made by any member concerning the business or affairs of a limited liability company within the scope of the member's authority as provided for by this chapter shall be evidence against the limited liability company. (2) If the articles of organization provide that management of the limited liability company is vested in a manager or managers: (a) An admission, statement, or representation made by a manager concerning the business or affairs of a limited liability company within the scope of the manager's authority as provided for by this chapter shall be evidence against the limited liability company; and (b) The admission, statement, or representation of any member, acting solely in the capacity of a member, shall not constitute evidence against the limited liability company. Effective: July 15, 1994 History: Created 1994 Ky. Acts ch. 389, sec. 28, effective July 15, 1994.