Choice of Entity: Limitation on Liability (2005)
by
Daniel S. Willard on Mar. 04, 2016
Business Business Organization
Summary: an overview of limitation on liability of various types of Maryland entities. Law has been changing since 2005.
Partnerships, LLCs and LLPs in Maryland:
Organization and Operation
II. FACTOR: LIMITATION ON LIABILITY
Introduction:
Negligence/intentional acts by entity agent except particular owner
Inherently dangerous business activity
Real estate: environmental liability
Professional negligence
Business debt
Taxes
A) LIMITED LIABILTY COMPANY
Limited liability for members even if they participate in management
§ 4A-301. 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.
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Statutory material presented in this outline is believed to be current as of January 1, 2001 but is intended only to be illustrative of concepts to be discussed. Citations are only a starting point for research by a competent legal professional who must research the original sources of authority. Certain statutory material will be changed by anticipated upcoming legislation and some statutory material may have changed before this material goes to press. In publishing this material, neither the author nor the publisher is engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the reader or seminar participant should seek the advice of a competent legal professional.
A NOTE ON Copyright ©: The copyright owner of this section, Daniel S. Willard, P.C., makes no claim to copyright to statutes, laws, rules or regulations of any state or federal government or agency.