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322B.125 RESERVED NAME.

Subdivision 1.Who may reserve.

The exclusive right to the use of a limited liability company name otherwise permitted by section 322B.12 may be reserved by:

(1) a person doing business in this state under that name;

(2) a person intending to organize under this chapter;

(3) a domestic limited liability company intending to change its name;

(4) a foreign limited liability company intending to make application for a certificate of authority to transact business in this state;

(5) a foreign limited liability company authorized to transact business in this state and intending to change its name;

(6) a person intending to organize a foreign limited liability company and intending to have the foreign limited liability company make application for a certificate of authority to transact business in this state; or

(7) a foreign limited liability company doing business under that name or a name not distinguishable from that name in one or more states other than this state and not described in clause (4), (5), or (6).

Subd. 2.Method of reservation.

The reservation is made by filing with the secretary of state a request that the name be reserved. If the name is available for use by the applicant, the secretary of state shall reserve the name for the exclusive use of the applicant for a period of 12 months. The reservation may be renewed for successive 12-month periods.

Subd. 3.Transfer of reservation.

The right to the exclusive use of a limited liability company name reserved pursuant to this section may be transferred to another person by or on behalf of the applicant for whom the name was reserved by filing with the secretary of state a notice of the transfer and specifying the name and address of the transferee.