Current through the 2024 Regular Session
Section 79-29-311 - Liability to third parties(1) Except as otherwise provided by this chapter, the debts, obligations and liabilities of a limited liability company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the limited liability company, and no member, manager or officer of a limited liability company shall be obligated personally for any such debt, obligation or liability of the limited liability company solely by reason of being a member, acting as a manager or acting as an officer of the limited liability company.(2) A member, manager or officer of a limited liability company is not a proper party to a proceeding by or against a limited liability company, by reason of being a member, manager or officer, as applicable, of the limited liability company, except: (a) Where the object of the proceeding is to enforce a member's, manager's or officer's right against or liability to the limited liability company; or(b) In a derivative action brought pursuant to Article 11 of this chapter.(3) Notwithstanding the provisions of subsections (1) and (2) of this section, under an operating agreement or under another agreement, a member, manager or officer may agree to be obligated personally for any or all of the debts, obligations and liabilities of the limited liability company. Laws, 2010, ch. 532, § 1, eff. 1/1/2011.