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Section 42:2C-30 - Liability of members and managers.

NJ Rev Stat § 42:2C-30 (2019) (N/A)
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42:2C-30 Liability of members and managers.

30. Liability of Members and Managers.

a. The debts, obligations, or other liabilities of a limited liability company, whether arising in contract, tort, or otherwise:

(1) are solely the debts, obligations, or other liabilities of the company; and

(2) do not become the debts, obligations, or other liabilities of a member or manager solely by reason of the member acting as a member or manager acting as a manager.

b. The failure of a limited liability company to observe any particular formalities relating to the exercise of its powers or management of its activities is not a ground for imposing liability on the members or managers for the debts, obligations, or other liabilities of the company.

L.2012, c.50, s.30.

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