Bill Text: VA SB1368 | 2015 | Regular Session | Chaptered

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Bill Title: Limited liability companies; liability.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-03-26 - Governor: Acts of Assembly Chapter text (CHAP0627) [SB1368 Detail]

Download: Virginia-2015-SB1368-Chaptered.html

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CHAPTER 627 An Act to amend and reenact §13.1-1019 of the Code of Virginia, relating to limited liability companies; liability of members. [S 1368] Approved March 26, 2015

 

Be it enacted by the General Assembly of Virginia:

1. That §13.1-1019 of the Code of Virginia is amended and reenacted as follows:

§13.1-1019. Liability to third parties.

Except as otherwise provided by this Code or as expressly provided in the articles of organization, no member, manager, organizer or other agent of a limited liability company, regardless of whether the limited liability company has a single member or multiple members, shall have any personal obligation for any liabilities of a limited liability company, whether such liabilities arise in contract, tort or otherwise, solely by reason of being a member, manager, organizer or agent of a limited liability company. For the purposes of this section, a person to whom the rights of a member or manager are delegated as provided in §13.1-1022 or §13.1-1024 shall be deemed an agent of a limited liability company.