Iowa Code § 489.304

Current through bills signed by governor as of 5/17/2024

Section 489.304 - Liability of members and managers

1. 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.

2. 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.

Iowa Code § 489.304

Amended by 2023 Iowa, ch 152, s 34, eff. 1/1/2024.

2008 Acts, ch 1162, §30, 155

Referred to in §421.26, 422.16, 489.702

2023 amendment effective January 1, 2024; 2023 Acts, ch 152, §161

Section amended