Section 20Part 4 — Members and Managers
Liability to third parties
←→ Navigate · Click subsection badges to collapse · Press ? for help
Subject to subsection
, 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 or manager of a limited liabil ity company shall be obligated personally for any such debt, obligation or liability of the limited liability company solely by reason of being a member or acting as a manager of the limited liability company. ( 2 ) Notwithstanding the provisions of subsecti on (1), under a LLC agreement or under another agreement, a member or manager may agree to be personally liable for any or all of the debts, obligations and liabilities of the limited liability company.