Iowa Code 489.301 – No agency power of member as member
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1. A member is not an agent of a limited liability company solely by reason of being a member.
Terms Used In Iowa Code 489.301
- Member: means a person for whom all of the following are true:a. See Iowa Code 489.102
- Person: includes a protected series, however denominated, of an entity if the protected series is established under law that limits, or limits if conditions specified under law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series. See Iowa Code 489.102
2. A person‘s status as a member does not prevent or restrict law other than this chapter from imposing liability on a limited liability company because of the person’s conduct.