490A.202 - POWERS.
490A.202 POWERS. Unless its articles of organization provide otherwise, a limited liability company has the same powers as an individual to do all things necessary or convenient to carry out its business and affairs, including without limitation power to do all of the following: 1. Sue and be sued, complain, and defend in its name. 2. Transact its business, carry on its operations, and have and exercise the powers granted by this chapter in any state and in any foreign country. 3. Purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with, real or personal property, or any legal or equitable interest in property, wherever located. 4. Sell, convey, transfer, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of its property. 5. Purchase, receive, subscribe for, or otherwise acquire and hold, to sell, mortgage, lend, pledge, or otherwise dispose of, and deal in and with, shares or other interests in, or obligations of any other person. 6. Make contracts and guaranties, incur liabilities, borrow money, issue its notes, bonds, and other obligations, which may be convertible into or include the option to purchase other securities of the limited liability company, and secure any of its obligations by mortgage, deed of trust, or pledge of any of its property, franchises, or income. 7. Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment. 8. Elect and appoint managers, employees, and agents of the limited liability company, define their duties, fix their compensation, and lend them money and credit. 9. Pay pensions and establish pension plans, pension trusts, profit sharing plans, and benefit and incentive plans for all or any of its current or former members, managers, employees, and agents. 10. Make donations for the public welfare or for religious, charitable, scientific, or educational purposes. 11. Make payments or donations, or do any other act, not inconsistent with law, that furthers the business and affairs of the limited liability company. 12. Cease its activities and dissolve. 13. Be a promoter, stockholder, partner, member, associate, agent, or manager of any corporation, partnership, limited liability company, joint venture, trust, or other entity. 14. Make and amend operating agreements, not inconsistent with its articles of organization or with the law of this state, for the administration and regulation of its affairs. 15. Transact any lawful business that a corporation, partnership, or other entity may conduct under the law of this state subject, however, to any and all laws and restrictions that govern or limit the conduct of such activity by such corporation, partnership, or other entity. 16. Have and exercise all powers necessary or convenient to effect any or all of the purposes for which the limited liability company is organized. 17. Indemnify and hold harmless a member, manager, or other person against a claim, liability, or other demand, as provided in an operating agreement.
Section History: Recent Form 92 Acts, ch 1151, § 23; 93 Acts, ch 39, § 22; 95 Acts, ch 138, §1; 97 Acts, ch 188, § 54