Powers and duration of protected series

1. Law
2. Arkansas Code
3. Business and Commercial Law
4. Corporations and Associations
5. Uniform Protected Series Act
6. General Provisions
7. Powers and duration of protected series

1. (a) A protected series of a series limited liability company has the capacity to sue and be sued in its own name.

2. (b) Except as otherwise provided in subsections (c) and (d), a protected series of a series limited liability company has the same powers and purposes as the company.

3. (c) A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.

4. (d) A protected series of a series limited liability company may not:

   1. (1) be a member of the company;

   2. (2) establish a protected series; or

   3. (3) except as permitted by law of this state other than this chapter, have a purpose or power that the law of this state other than this chapter prohibits a limited liability company from doing or having.

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