Section 7-80-107 - Application of corporation case law to set aside limited liability(1) In any case in which a party seeks to hold the members of a limited liability company personally responsible for the alleged improper actions of the limited liability company, the court shall apply the case law which interprets the conditions and circumstances under which the corporate veil of a corporation may be pierced under Colorado law.(2) For purposes of this section, the failure of a limited liability company to observe the formalities or requirements relating to the management of its business and affairs is not in itself a ground for imposing personal liability on the members for liabilities of the limited liability company.(3) A limited liability company's status for federal tax purposes does not affect its status as a distinct entity organized and existing under this article.Amended by 2016 Ch. 242,§ 2, eff. 8/10/2016.L. 90: Entire article added, p. 416, § 1, effective April 18. L. 94: Entire section amended, p. 710, § 4, effective July 1. L. 2016: (3) added, (HB 16-1329), ch. 242, p. 988, § 2, effective August 10.