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§ 1303 — 1303 — U.S. Virgin Islands Law | CourtGPT
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U.S. Virgin Islands Legal Code

1303

U.S. Virgin Islands § 1303 — U.S. Virgin Islands law

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(a) Except as otherwise provided in subsection (c) of this section, 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.\n(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.\n(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:\n(1) a provision to that effect is contained in the articles of organization; and\n(2) a member so liable has consented in writing to the adoption of the provision or to be bound by the provision.