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North Dakota Code 10-32-29 - Personal liability

North Dakota Code > Title 10 > Chapter 10-32 > § 10-32-29 - Personal liability


Current as of: 2009

        1.    Subject to subsection 3, a member, governor, manager, or other agent of a limited liability company is not, merely on account of this status, personally liable for the acts, debts, liabilities, or obligations of the limited liability company.

        2.    However, all persons who assume to act as a limited liability company without authority are jointly and severally liable for all debts and liabilities incurred or arising as a result.

3.    The case law that states the conditions and circumstances under which the corporate veil of a corporation may be pierced under North Dakota law also applies to limited liability companies.

4.    The limited liability described in subsections 1 and 3 continues in full force regardless of any dissolution, winding up, and termination of a limited liability company.

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