Section 7-16-10 - Reservation of name - Transfer of reserved name(a) The exclusive right to use a specified name for a domestic or foreign limited-liability company may be reserved by: (1) A person who intends to organize a domestic limited-liability company;(2) A domestic limited-liability company or foreign limited-liability company registered in this state which, in either case, proposes to change its name;(3) A foreign limited-liability company that intends to register in this state; or(4) Any person intending to organize a foreign limited-liability company and intending to have it registered in this state and adopt that name.(b) A person may reserve a specified name by filing a signed application with the secretary of state and, if the secretary of state finds that the name is available, the secretary of state shall reserve the name for one hundred twenty (120) days for the exclusive use of the applicant.(c) The exclusive right to use a reserved name may be transferred to another person by filing with the secretary of state a notice of the transfer which specifies the name and address of the transferee and is signed by the applicant for whom the name was reserved.