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322C.0104 NATURE, PURPOSE, AND DURATION OF LIMITED LIABILITY COMPANY.

Subdivision 1.Separate entity.

A limited liability company is an entity distinct from its members.

Subd. 2.Permitted purposes.

Except for a nonprofit limited liability company subject to section 322C.1101, which must comply with that section, a limited liability company may have any lawful purpose.

Subd. 3.Duration.

A limited liability company has perpetual duration.

History:

2014 c 157 art 1 s 4

NOTE: This chapter, as added by Laws 2014, chapter 157, article 1, sections 1 to 90, is effective August 1, 2015. Laws 2014, chapter 157, article 1, section 92.

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Revisor of Statutes