Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-301
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-301
- Contract: A legal written agreement that becomes binding when signed.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Except as otherwise provided by this title, no member shall be personally liable for the obligations of the limited liability company, whether arising in contract, tort or otherwise, solely by reason of being a member of the limited liability company.