Nature, purpose and duration of limited liability company.

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(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.

(P.A. 16-97, S. 8.)

History: P.A. 16-97 effective July 1, 2017.


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