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LPA: Liability and Indemnification


Corporate officials’ liability protection is indemnification. This statutorily authorized protection is usually embodied in corporate documents such as articles of incorporation or by-laws, and generally encompasses the rights to both advancement of defense expenses and indemnification.

Liability and Indemnification of the General Partner entails generally the same principles as are raised by the indemnification of corporate directors - that is, indemnification is a function, in large part, of the duties owed by the managers to the members, and vice versa.

The details of Liability and Indemnification are detailed in the part of the agreement.