183.0304 Liability of members and managers.
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/wi/chapter-183/183-0304-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
183.0304 Liability of members and managers.
(1)A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company. Except as provided in ss. 73.0306 , 183.0403 , and 183.0406 , a member or manager is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the company solely by reason of being or acting as a member or manager. This subsection applies regardless of the dissolution of the company.
(2)The failure of a limited liability company to observe formalities relating to the exercise of its powers or management of its activities and affairs is not a ground for imposing liability on a member or manager for a debt, obligation, or other liability of the company.
SUBCHAPTER IV
RELATIONS OF MEMBERS
TO EACH OTHER AND TO
LIMITED LIABILITY COMPANY