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Terms Used In New Jersey Statutes 42:2C-6

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
6. Governing Law. The law of this State governs:

a. The internal affairs of a limited liability company; and

b. The liability of a member as member and a manager as manager for the debts, obligations, or other liabilities of a limited liability company.

L.2012, c.50, s.6.