Statutes > Idaho Statutes > TITLE 30 CORPORATIONS > CHAPTER 6 IDAHO UNIFORM LIMITED LIABILITY COMPANY ACT > PART 3. RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH LIMITED LIABILITY COMPANY > 30-6-304 LIABILITY OF MEMBERS AND MANAGERS.

30-6-304 LIABILITY OF MEMBERS AND MANAGERS.

TITLE 30

CORPORATIONS

CHAPTER 6

IDAHO UNIFORM LIMITED LIABILITY COMPANY ACT

PART 3.

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

30-6-304. Liability of members and managers. (1) The debts, obligations or other liabilities of a limited liability company, whether arising in contract, tort or otherwise:

(a) Are solely the debts, obligations or other liabilities of the company; and

(b) 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.

(2) 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.