A. The exclusive right to use a specified name for a domestic or foreign limited liability company, in good faith, may be reserved by:
1. A person who intends to organize a domestic limited liability company or a foreign limited liability company to be registered in this state and to adopt that name;
2. A domestic limited liability company or a foreign limited liability company registered in this state which proposes to adopt that name; or
3. A foreign limited liability company which intends to register in this state and adopt that name.
B. A person seeking to reserve a specified name shall file an application executed by the applicant with the Secretary of State and pay the filing fee required by law. If the Secretary of State finds that the name is available for use by a domestic or foreign limited liability company, he shall reserve the name for the exclusive use of the applicant for a period of sixty (60) days.
C. The right to the exclusive use of a reserved name may be transferred to any other person by filing in the Office of the Secretary of State a notice of the transfer, executed by the applicant for whom the name was reserved and specifying the name and address of the transferee.
Added by Laws 1992, c. 148, § 10, eff. Sept. 1, 1992.
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