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Current as of January 01, 2024 | Updated by Findlaw Staff
Liability of Members and Managers.
a. The debts, obligations, or other liabilities of a limited liability company, whether arising in contract, tort, or otherwise:
(1) are solely the debts, obligations, or other liabilities of the company; and
(2) 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.
b. 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.
Cite this article: FindLaw.com - New Jersey Statutes Title 42. Partnerships and Partnership Associations 42 § 2C-30 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-42-partnerships-and-partnership-associations/nj-st-sect-42-2c-30/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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