Iowa § 489.304 Liability of members and managers

Iowa Statutes

§ 489.304 — Liability of members and managers

Iowa § 489.304

Title XIIBUSINESS ENTITIES

Ch. 489UNIFORM LIMITED LIABILITY COMPANY ACT

This text of Iowa § 489.304 (Liability of members and managers) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 489.304 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.