| Dear Clients and Colleagues,
In our continuing effort to share our knowledge, experience and perspective with you on cutting-edge legal developments, we are sending our periodic "Alert". It is one way for us to give back to you, our clients and friends. We hope that you find value in this communication. |
Individual Member of LLC Subject to Personal Liability
Section 4A-301 of the Corporations and Associations Article provides that a member of a Limited Liability Company (LLC) is not "personally liable for the obligations of the LLC, whether arising in contract, tort or otherwise, solely by reason of being a member of the LLC." In what may prove to be a landmark decision, the Maryland Court of Appeals has held that an individual member of an LLC that owns a residential property may be subject to personal liability as an owner if he exercises control over the property, notwithstanding the well established liability shield of the LLC...read more |
