489.304 - LIABILITY OF MEMBERS AND MANAGERS. - Iowa Statutes

489.304 LIABILITY OF MEMBERS AND MANAGERS. 1. For debts, obligations, or other liabilities of a limited liability company, whether arising in contract, tort, or otherwise all of the following apply: a. They are solely the debts, obligations, or other liabilities of the company. b. They 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. 2. 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.          Section History: Recent Form 2008 Acts, ch 1162, §30, 155 Referred to in § 421.26, 422.16, 489.702, 489.1201