N.J. Stat. § 42:2C-30

Current through L. 2023, c. 200.

Section 42:2C-30 - 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.

N.J.S. § 42:2C-30

Added by L. 2012, c. 50,s. 30, eff. 3/18/2013.