Section 1504 - Nature, purpose and duration of limited liability company1.Distinct entity. A limited liability company is an entity distinct from its members. [2009, c. 629, Pt. A, §2(NEW); 2009, c. 629, Pt. A, §3(AFF).]
2.Any lawful purpose. A limited liability company may have any lawful purpose, regardless of whether for profit. [2009, c. 629, Pt. A, §2(NEW); 2009, c. 629, Pt. A, §3(AFF).]
3.Duration. A limited liability company has perpetual duration. [2009, c. 629, Pt. A, §2(NEW); 2009, c. 629, Pt. A, §3(AFF).]
2009, c. 629, Pt. A, §2 (NEW) . 2009, c. 629, Pt. A, §3 (AFF) .