{"data":{"id":"us-ak/as-10.50.145","jurisdiction":"us-ak","citation":"AS 10.50.145","heading":"Loans to managers, managing members, and employees.","body":"(a) A loan may not be extended by a limited liability company to an employee without authorization by the company's managers or managing members. A loan may not be extended to a manager or a managing member of a limited liability company without the approval of two-thirds of the company's members. An employee who is also a manager or managing member is considered a manager or managing member for purposes of this section. A member is not disqualified from voting on a loan to a member as a manager or managing member because of personal interest.\n(b) A loan to a manager, managing member, or employee and a loan secured by the limited liability company interests of the company may not be made unless the loan would be permissible as a distribution under AS 10.50.290 — 10.50.345. A loan under this subsection impairs the retained earnings or paid-in capital accounts to the extent of the loan.\n(c) For purposes of this section, a loan may consist of cash, securities, or personal or real property.\n(d) If a limited liability company acts as a guarantor on a loan to a manager, managing member, or employee, the guarantee is treated as a loan under this section.\n(e) A manager, managing member, or employee of an affiliated limited liability company is a manager, managing member, or employee of the lending company for purposes of this section.\n(f) A loan is to be judged by the duties of managers and managing members to act in good faith in a manner reasonably believed to be in the best interests of the company and with the care, including reasonable inquiry, that an ordinarily prudent person in a like position would use under similar circumstances.","path":["Title 10. Corporations and Associations.","Chapter 50. Alaska Revised Limited Liability Company Act.","Article 5. Management."],"source_url":"https://www.akleg.gov/basis/statutes.asp#10.50.145","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:39Z","sha256":"e7186249cc569c3429365d0c58bc5f1da813092d7087e4d774298f0107806036","source_id":"us-ak","stale":false,"prev":"us-ak/as-10.50.140","next":"us-ak/as-10.50.148"},"notice":"GroundRules: Original legal text. Not legal advice."}