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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11 : Corporations, Partnerships and Associations

Chapter 025 : LIMITED LIABILITY COMPANIES

Subchapter 003 : RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH LIMITED LIABILITY COMPANY

(Cite as: 11 V.S.A. § 4042)
  • § 4042. 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 the manager acting as a manager.

    (b) The failure of a limited liability company to observe any particular formalities relating to the exercise of its power or management of its activities is not a ground for imposing liability on a member or manager for the debts, obligations, or other liabilities of the company. (Added 2015, No. 17, § 2.)