§3043. Liability of members and managers

Link to law: http://legislature.vermont.gov/statutes/section/11/021/03043
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

021

:
LIMITED LIABILITY COMPANIES






Subchapter

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








[Section 3043 repealed effective July 1, 2016.]

[Section 3043 repealed effective July 1,

2016.]

§

3043. Liability of members and managers

(a) Except as

otherwise provided in subsection (b) of this section, the debts, obligations

and liabilities of a limited liability company, whether arising in contract,

tort or otherwise, are solely the debts, obligations and liabilities of the

company. A member or manager is not personally liable for a debt, obligation or

liability of the company solely by reason of being or acting as a member or

manager, except that such member or manager may become personally liable by

reason of his or her own acts or conduct.

(b) All or

specified members of a limited liability company are liable in their capacity

as members for all or specified debts, obligations or liabilities of the

company if:

(1) a provision

to that effect is contained in the articles of organization; and

(2) a member so

liable has consented in writing to the adoption of the provision or to be bound

by the provision. (Added 1995, No. 179 (Adj. Sess.), § 4.)
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