Section 489.304 - Liability of members and managers1. A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company. A member or manager is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the company solely by reason of being or acting as a member or manager. This subsection applies regardless of the dissolution of the company.2. The failure of a limited liability company to observe formalities relating to the exercise of its powers or management of its activities and affairs is not a ground for imposing liability on a member or manager for a debt, obligation, or other liability of the company. 2008 Acts, ch 1162, § 30, 155; 2023 Acts, ch 152, §34, 161
Amended by 2023 Iowa, ch 152, s 34, eff. 1/1/2024.2008 Acts, ch 1162, §30, 155Referred to in §421.26, 422.16, 489.702
2023 amendment effective January 1, 2024; 2023 Acts, ch 152, §161
Section amended