(a) A person may reserve the exclusive use of the name of a limited liability company, including a fictitious name for a foreign company whose name is not available, by delivering an application to the office of the Lieutenant Governor for filing. The application must set forth the name, together with the mailing and physical address of the applicant and the name proposed to be reserved. If the Lieutenant Governor finds that the name applied for is available, it shall be reserved for the applicant's exclusive use for a nonrenewable 120-day period.
(b) The owner of a name reserved for a limited liability company may transfer the reservation to another person by delivering to the Lieutenant Governor a signed notice of the transfer which states the name, mailing address and physical address of the transferee.