C.R.S. Section 7-80-408
Access to and confidentiality of information

  • records
  • accounting

(1)

Each member of a limited liability company has the right, subject to such reasonable standards as may be established by the members or managers pursuant to section 7-80-401 (1), to inspect and copy at the expense of the requesting member the following records of the limited liability company from time to time upon reasonable demand for any purpose reasonably related to the member’s interest as a member of the limited liability company:

(a)

True and full information regarding the business and financial condition of the limited liability company, including written resolutions and minutes, if any, of the limited liability company;

(b)

A copy of the limited liability company’s federal, state, and local income tax returns for each year;

(c)

A current list of the name and last-known business, residence, or mailing address of each member and manager;

(d)

A copy of the limited liability company’s articles of organization and a copy of any written operating agreement of the limited liability company;

(e)

True and full information regarding the amount of cash and a description and statement of the agreed value of any other property or services contributed by each member and that each member has agreed to contribute in the future, and the date on which each became a member; and

(f)

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

(2)

Each manager shall have the right to examine all of the information described in paragraph (a) of subsection (1) of this section for a purpose reasonably related to the position of manager.

(3)

Each member of a limited liability company and each manager shall have the right to keep confidential from the members, for such period of time as the members or managers deem reasonable, any information that the members or managers reasonably believe to be in the nature of trade secrets or that the limited liability company is required by law or by agreement with a third party to keep confidential.

(4)

A limited liability company may maintain its records in other than a written form if such form is capable of conversion into written form within a reasonable time.

(5)

Any demand by a member under this section shall be in writing and shall state the purpose of the demand.

(6)

A member of a limited liability company shall have the right to have a formal accounting of limited liability company affairs whenever circumstances render it just and reasonable.

Source: Section 7-80-408 — Access to and confidentiality of information - records - accounting, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-07.­pdf (accessed Oct. 20, 2023).

7‑80‑101
Short title 7‑80‑102
Definitions 7‑80‑103
Nature of business 7‑80‑104
Powers 7‑80‑105
Unauthorized assumption of powers 7‑80‑106
Transaction of business outside state 7‑80‑107
Application of corporation case law to set aside limited liability 7‑80‑108
Effect of operating agreement - nonwaivable provisions - statute of frauds 7‑80‑109
Construction of article 7‑80‑203
Formation 7‑80‑204
Articles of organization 7‑80‑207
Effect of filing of articles of organization 7‑80‑208
Notice of existence of limited liability company 7‑80‑209
Amendment of articles of organization 7‑80‑301
Limited liability companies - registered agents - service of process - periodic reports 7‑80‑401
Management of limited liability company 7‑80‑402
Designation of managers 7‑80‑403
Officers and other agents 7‑80‑404
Duties of members and managers 7‑80‑405
Members and managers as agents of the limited liability company 7‑80‑407
Reimbursement and indemnification of members and managers 7‑80‑408
Access to and confidentiality of information - records - accounting 7‑80‑501
Form of contribution 7‑80‑502
Liability for contributions 7‑80‑503
Sharing of profits and losses 7‑80‑504
Sharing of distributions 7‑80‑601
Interim distributions 7‑80‑602
Resignation of member 7‑80‑603
Interest of member upon resignation 7‑80‑604
Distribution in kind 7‑80‑605
Right to distribution 7‑80‑606
Limitations on distribution 7‑80‑701
Admission of members 7‑80‑702
Interest in limited liability company - transferability of interest 7‑80‑703
Rights of creditor against a member 7‑80‑704
Deceased or incompetent members who are individuals - dissolved or terminated members who are legal entities 7‑80‑705
Liability of members and managers 7‑80‑706
Voting 7‑80‑713
Derivative proceeding - standing - definitions 7‑80‑714
Derivative proceeding - demand 7‑80‑715
Stay of derivative proceeding 7‑80‑716
Dismissal of derivative proceeding 7‑80‑717
Discontinuance or settlement of derivative proceeding 7‑80‑718
Payment of expenses - derivative proceeding 7‑80‑719
Applicability of derivative proceeding to foreign limited liability companies 7‑80‑801
Dissolution - time and notice of dissolution 7‑80‑802
Statement of dissolution 7‑80‑803
Effect of dissolution 7‑80‑803.3
Right to wind up business 7‑80‑803.5
Manager’s or member’s power to bind limited liability company after dissolution 7‑80‑810
Judicial dissolution 7‑80‑811
Procedure for judicial dissolution 7‑80‑812
Receivership or custodianship 7‑80‑813
Decree of dissolution 7‑80‑901
Foreign limited liability companies 7‑80‑902
Registered agent - service of process 7‑80‑1101
Application to limited liability companies formed prior to July 1, 1994
Green check means up to date. Up to date

Current through Fall 2024

§ 7-80-408’s source at colorado​.gov