Nature, purpose, and duration of limited liability company.

1. A limited liability company is an entity distinct from its member or members. 2. A limited liability company may have any lawful purpose, regardless of whether for profit. 3. A limited liability company has perpetual duration. 2008 Acts, ch 1162, §4, 155 C2009, §489.104 2023 Acts, ch 152, §4, 143, 161 C2024, §489.108 Former §489.108 transferred to §489.112 ; 2023 Acts, ch 152, §143, 161