21-104. Nature, purpose and duration of limited liability company; classification for tax purposes.
(RULLCA 104) (a) A limited liability company is an entity distinct from its members.
(b) A limited liability company may have any lawful purpose, except that a limited liability company may not operate as an insurer as defined in section 44-103.
(c) A limited liability company has perpetual duration.
(d) A limited liability company shall be classified for state income tax purposes in the same manner as it is classified for federal income tax purposes.
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