A manager of a limited liability company is personally liable for the debts of the limited liability company.

Question

Quizplus · Accepted Answer

One of the main benefits of a limited liability company is that the managers or owners are not personally liable for the debts of the company. This is because the LLC is considered a separate legal entity from its owners. However, there are situations where a manager or owner could become personally liable, such as if they personally guaranteed a loan or engaged in fraudulent or illegal behavior.

A Manager of a Limited Liability Company Is Personally Liable