What this deck covers
This deck focuses on Llc Member And Manager Liability Ullca 2013, giving you a quick way to review the definitions, rules, and examples that matter most for Bar Exam (Next Generation).
Bar Exam (Next Generation) Flashcards: Llc Member And Manager Liability Ullca 2013
Study Llc Member And Manager Liability Ullca 2013 in Bar Exam (Next Generation) with focused flashcards that help you recognize the idea, recall the key rule, and apply it in practice-style prompts.
QUESTION
Under ULLCA (2013), what effect does an LLC's failure to observe formalities have on members' personal liability?
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ANSWER
It is not a ground for imposing personal liability on members or managers. Informality is common in LLCs, so the statute removes it as a basis for liability.
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