South Carolina § 33-44-303 - Liability of members and managers.

§ 33-44-303. Liability of members and managers.

(a) Except as otherwise provided in subsection (c), the debts, obligations, and liabilities of a limited liability company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the company. A member or manager is not personally liable for a debt, obligation, or liability of the company solely by reason of being or acting as a member or manager.

(b) The failure of a limited liability company to observe the usual company formalities or requirements relating to the exercise of its company powers or management of its business is not a ground for imposing personal liability on the members or managers for liabilities of the company.

(c) All or specified members of a limited liability company are liable in their capacity as members for all or specified debts, obligations, or liabilities of the company if:

(1) a provision to that effect is contained in the articles of organization; and

(2) a member so liable has consented in writing to the adoption of the provision or to be bound by the provision.

HISTORY: 1996 Act No. 343, SECTION 2.

Editor's Note

1996 Act No. 343, SECTION 5, provides:

"The catch lines before each section of Chapter 44 of Title 33 as contained in Section 2 and the comments appearing after such sections are provided for informational purposes only and are not considered part of the code sections themselves."