How members are liable under Section IV (LGS art. 24)
Section 24 of the General Companies Law sets the liability of members of Section IV companies: as against third parties they are liable severally and in equal shares, unless an agreement, provision or the rules of the company form provide otherwise.
What article 24
Section 24 establishes several liability in equal shares for members of Section IV companies, subject to exceptions.
The members shall be liable to third parties as several obligors in equal shares, unless joint and several liability with the company or among themselves, or a different proportion, results from: 1) an express provision relating to a particular relationship; 2) a provision of the company agreement; 3) the general rules of the company form they represented themselves as having adopted but whose requirements they failed to satisfy.
Source: Law 19,550, art. 24 - InfoLEG (updated official text)
Commentary
This is perhaps the most significant change: liability ceased to be joint and several and unlimited (as under the former irregular-company regime) and became, as a rule, several and in equal shares. It is a much more lenient system, unless an agreement or the relevant company form provides otherwise.
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