{"data":{"id":"us-ia/iowa-code-489.304","jurisdiction":"us-ia","citation":"Iowa Code § 489.304","heading":"Liability of members and managers.","body":"1. A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company. 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.\n2. 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.","path":["Title XII - BUSINESS ENTITIES (Ch. 486 - 504C)","Chapter 489 - UNIFORM LIMITED LIABILITY COMPANY ACT","Subchapter III - RELATIONS OF MEMBERS AND MANAGERS TO PERSONS DEALING WITH LIMITED LIABILITY COMPANY"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/489.304.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:12Z","sha256":"80e29beeffa0540cee4e0300036ceec3ea1b498a1721b44dbe0cd5b124c098a6","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-489.303","next":"us-ia/iowa-code-489.305"},"notice":"GroundRules: Original legal text. Not legal advice."}