Nature, purpose, and duration of limited liability company

(a) A limited liability company is an entity distinct from its member or members. (b) A limited liability company may have any lawful purpose, regardless of whether for profit. (c) A limited liability company has perpetual duration. Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021. (a) A limited liability company is an entity distinct from its member or members. (b) A limited liability company may have any lawful purpose, regardless of whether for profit. (c) A limited liability company has perpetual duration. Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.