Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-212
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-212
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) The name of the individual who conducts the proprietorship; and
(2) A description of the property comprising the business to be conducted by the limited liability company.
(b) (1) An individual who becomes a member of a limited liability company as a result of the conversion remains liable for any obligation or liability of the individual incurred or arising before the conversion takes effect, to the extent that the individual would have been obligated or liable if the conversion had not occurred.
(2) The individual’s liability for all obligations and liabilities of the limited liability company incurred or arising after the conversion takes effect is that of a member of a limited liability company, as provided in this title.