Bill specified provisions do not limit personal liability of member or manager under law.
Bill Provisions
Specified provisions do not limit personal liability of a member or manager under law.
Including the law of agency, contracts, and torts, and, subject to specified provisions, court imposed equitable remedies, such as piercing the limited liability company veil.
Applies to all actions which all timely appeals have not been exhausted before, and all future actions commenced on or after, the effective date of the amendatory Act.
Legislative History
On Jan. 16, 2024, bill was introduced in Senate; on Apr. 11, 2024, bill passed Senate.
On Apr. 11, 2024, bill was introduced in House; on May 15, 2024, bill passed House.
Effectiveness
Bills with no effective date are effective Jan. 1 of following year, if enacted prior Jun. 1.
