Louisiana § RS 12:1319 - Records and information

§ RS 12:1319. Records and information

A.  Each limited liability company shall keep at its registered office the following:

(1)  A current list of the full name and last known business address of each member and manager, if management is vested in one or more managers pursuant to R.S. 12:1312.  

(2)  Copies of records which would enable a member to determine the relative voting rights of the members.  

(3)  A copy of the articles of organization, together with any amendments thereto.  

(4)  Copies of the limited liability company's federal and state income tax returns and reports, if any, for the three most recent years.  

(5)  A copy of any operating agreement which is in writing.  

(6)  Copies of any financial statements of the limited liability company for the three most recent years.  

B.  Unless otherwise provided in the articles of organization or an operating agreement, a member may do any of the following:

(1)  At the member's own expense, inspect and copy any limited liability company record upon reasonable request during ordinary business hours.  

(2)  Obtain from time to time upon reasonable demand the following:

(a)  True and complete information regarding the state of the business and financial condition of the limited liability company.  

(b)  Promptly after becoming available, a copy of the limited liability company's federal and state income tax returns for each year.  

(c)  Other information regarding the affairs of the limited liability company as is just and reasonable.  

(3)  Demand a formal accounting of the limited liability company's affairs whenever circumstances render it just and reasonable.  

C.  Failure of the limited liability company to keep or maintain any of the records or information required pursuant to this Section shall not be grounds for imposing liability on any person for the debts and obligations of the limited liability company.  

D.  Except as otherwise provided in the articles of organization or an operating agreement, a limited liability company and its members, managers, and agents may recognize and treat a person registered on its records as a member, as such for all purposes, and as the person exclusively entitled to have and to exercise all rights and privileges incident to the ownership of such membership interests.  Rights under this Section shall not be affected by any actual or constructive notice which the limited liability company or any of its managers, members, or agents may have to the contrary.  

Acts 1992, No. 780, §2, eff. July 7, 1992.