Section 322B.303 Personal Liability of Members As Members - Minnesota Statutes

322B.303 PERSONAL LIABILITY OF MEMBERS AS MEMBERS.

Subdivision 1.Limited liability rule.

Subject to subdivision 2, a member, governor, manager, or other agent of a limited liability company is not, merely on account of this status, personally liable for the acts, debts, liabilities, or obligations of the limited liability company.

Subd. 2.Piercing the veil.

The case law that states the conditions and circumstances under which the corporate veil of a corporation may be pierced under Minnesota law also applies to limited liability companies.

Subd. 3.Limited liability after dissolution.

The limited liability described in subdivisions 1 and 2 continues in full force regardless of any dissolution, winding up, and termination of a limited liability company.

History:

1992 c 517 art 2 s 26