Guam § 15114 - (B). Personal Liability of Members.

§ 15114. (B). Personal Liability of Members.

COL6/24/2021

18 GCA BUSINESS STRUCTURE & FUNCTION

(a) Except as otherwise provided in Subsection 15116 (E),

no member of a limited liability company shall be personally

liable under any judgment of a court, or in any other manner, for

any debt, obligation, or liability of the limited liability company,

whether that liability or obligation arises in contract, tort, or

otherwise, solely by reason of being a member of the limited

liability company.

(b) A member of a limited liability company shall be

personally liable under a judgment of a court or for any debt,

obligation, or liability of the limited liability company, whether

that liability or obligation arises in contract, tort, or otherwise,

under the same or similar circumstances and to the same extent

as a shareholder of a corporation may be personally liable for

any debt, obligation, or liability of the corporation; except that

the failure to hold meetings of members or managers or the

failure to observe formalities pertaining to the calling or conduct

of meetings shall not be considered a factor tending to establish

that the members have personal liability for any debt, obligation,

or liability of the limited liability company where the articles of

organization or operating agreement do not expressly require the

holding of meetings of members or managers.

(c) Nothing in this section shall be construed to affect the

liability of a member of a limited liability company to third

parties for the member=s participation in tortious conduct.