Md. Code, Corporations and Associations § 4A-406
This is the official text of Md. Code, Corporations and Associations § 4A-406, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§4A–406.
Official statutory text
(a) A member may inspect and copy, in person or by agent, from time to time on reasonable written demand, for any purpose reasonably related to the member’s membership interest:
(1) True and full information regarding the state of the business and financial condition of the limited liability company;
(2) A copy of the articles of organization and operating agreement and all amendments to the articles of organization and operating agreement;
(3) A current list of the names and last known business, residence, or mailing addresses of all members; and
(4) Other information regarding the affairs of the limited liability company as is just and reasonable for any purpose reasonably related to the member’s membership interest.
(b) Any member may inspect and copy, in person or by agent, a copy of the limited liability company’s federal, state, or local income tax returns.
(c) The rights to inspect and copy records of a limited liability company may be subject to reasonable standards that may be set forth in the articles of organization or the operating agreement, including standards governing what information and documents are to be furnished, at what time and location, and at whose expense.
(d) Unless a member seeking information executes a confidentiality or nondisclosure agreement reasonably acceptable to the limited liability company restricting the use and disclosure of the information, a limited liability company shall have the right to keep confidential from members, for a reasonable period of time:
(1) Any information that the limited liability company reasonably believes to be in the nature of trade secrets;
(2) Information the disclosure of which the limited liability company in good faith believes:
(i) Is not in the best interest of the limited liability company; or
(ii) Could damage the limited liability company or its business; or
(3) Information the limited liability company is required by law or by agreement with a third party to keep confidential.
(e) Any demand by a member under this section shall be in writing and shall state the purpose of the demand.
(1) True and full information regarding the state of the business and financial condition of the limited liability company;
(2) A copy of the articles of organization and operating agreement and all amendments to the articles of organization and operating agreement;
(3) A current list of the names and last known business, residence, or mailing addresses of all members; and
(4) Other information regarding the affairs of the limited liability company as is just and reasonable for any purpose reasonably related to the member’s membership interest.
(b) Any member may inspect and copy, in person or by agent, a copy of the limited liability company’s federal, state, or local income tax returns.
(c) The rights to inspect and copy records of a limited liability company may be subject to reasonable standards that may be set forth in the articles of organization or the operating agreement, including standards governing what information and documents are to be furnished, at what time and location, and at whose expense.
(d) Unless a member seeking information executes a confidentiality or nondisclosure agreement reasonably acceptable to the limited liability company restricting the use and disclosure of the information, a limited liability company shall have the right to keep confidential from members, for a reasonable period of time:
(1) Any information that the limited liability company reasonably believes to be in the nature of trade secrets;
(2) Information the disclosure of which the limited liability company in good faith believes:
(i) Is not in the best interest of the limited liability company; or
(ii) Could damage the limited liability company or its business; or
(3) Information the limited liability company is required by law or by agreement with a third party to keep confidential.
(e) Any demand by a member under this section shall be in writing and shall state the purpose of the demand.
Status: in_force · Read it on the official government site
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