Powers and duration of protected series.

1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name. 2. Except as otherwise provided in subsections 3 and 4 , a protected series of a series limited liability company has the same powers and purposes as the company. 3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up. 4. A protected series of a series limited liability company shall not do any of the following: a. Be a member of the company. b. Establish a protected series. c. Except as permitted by law of this state other than this subchapter , have a purpose or power that the law of this state other than this subchapter prohibits a limited liability company from doing or having. 2019 Acts, ch 26, §4, 41 ; 2023 Acts, ch 152, §129, 161 Referred to in §489.14103 , 489.14107