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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) 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.
(b) 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.
Cite this article: FindLaw.com - Idaho Statutes Title 30. Corporations § 30-25-304. Liability of members and managers - last updated January 01, 2024 | https://codes.findlaw.com/id/title-30-corporations/id-st-sect-30-25-304/
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