(1) The debts, obligations or other liabilities of a limited liability company, whether arising in contract, tort or otherwise: (a) Are solely the debts, obligations or other liabilities of the company; and (b) Do not become the debts, obligations or other liabilities of a member or manager solely by reason of the member acting as a member or manager acting as a manager. (2) The failure of a limited liability company to observe any particular formalities relating to the exercise of its powers or management of its activities is not a ground for imposing liability on the members or managers for the debts, obligations or other liabilities of the company.
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