29-610. General powers of a domestic limited liability company

(Rpld. 9/1/20)

A. A domestic limited liability company may:

1. Sue and be sued, complain and defend in its name and in all courts.

2. Purchase, take, receive, lease or otherwise acquire, own, hold, improve, use and otherwise deal in and with real property or personal property, or any interest in real or personal property, wherever located.

3. Sell, convey, mortgage, pledge, create a security interest in, lease, exchange, transfer, option and otherwise dispose of any of its assets.

4. Lend money to and otherwise assist its members, managers, employees, officers and agents.

5. Purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge or otherwise dispose of, and otherwise use and deal in and with, shares or other interests in or obligations of other domestic or foreign limited liability companies, corporations, nonprofit corporations, associations, general or limited partnerships, trusts, business trusts or individuals or direct or indirect obligations of the United States or of any government, state, territory, governmental district or municipality or of any instrumentality of any of the foregoing.

6. Make contracts, including contracts of guaranty, suretyship and indemnification, incur liabilities, borrow money at such rates of interest as the limited liability company may determine, issue its notes, bonds and other obligations and secure any of its obligations by mortgage, deed of trust, security agreement, pledge or other encumbrance of any of its assets.

7. Lend money for any lawful purpose, invest and reinvest its monies and take and hold real property and personal property as security for payment of monies so loaned or invested.

8. Conduct its business, carry on its operations, have offices and exercise the powers granted by this chapter within or without this state.

9. Elect or appoint officers, assistant officers, representatives and agents of the limited liability company, define their duties and fix their compensation.

10. Make donations for the public welfare or for charitable, scientific or educational purposes.

11. Be a member, promoter, incorporator, general partner, limited partner, associate or manager of any corporation, partnership, domestic or foreign limited liability company, joint venture, trust or other enterprise.

12. Pay pensions and establish pension plans, pension trusts, profit-sharing plans, profit-sharing trusts, equity bonus plans, equity option plans and other incentive plans for any of its members, managers, employees, officers and agents or any of the directors, officers, members, managers, employees and agents of its affiliates.

13. Indemnify a member, manager, employee, officer or agent or any other person.

14. Do every other act and have and exercise all powers that are consistent with law and that are appropriate to promote and attain its purposes.

B. A limited liability company in its articles of organization may deny, limit or otherwise reduce in any lawful manner any of the powers set forth in subsection A.

C. Unless denied, limited or otherwise reduced, the powers enumerated in this section are to be construed broadly.