79-29-108 - Nature of business; powers.
§ 79-29-108. Nature of business; powers.
(1) Subject to the provisions of its certificate of formation and subject to any other laws of this state which govern or limit the conduct of a particular business or activity, a limited liability company may carry on any lawful business, purpose or activity.
(2) Unless its certificate of formation provides otherwise, every 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:
(a) To sue and be sued, complain and defend in its name;
(b) To purchase, receive, lease or otherwise acquire, and own, hold, improve, use and otherwise deal with, real and personal property, and any legal or equitable interest in property, wherever located;
(c) To sell, convey, option, mortgage, pledge, lease, exchange and otherwise dispose of all or any part of its property;
(d) To purchase, receive, subscribe for, otherwise acquire, own, hold, vote, use, sell, mortgage, lend, pledge, otherwise dispose of, and deal in and with shares or other interests in, or obligations of, any other entity;
(e) To make contracts and guarantees, including guarantees of persons which, directly or indirectly, own, are owned by, or are under common ownership with the limited liability company, incur liabilities, borrow money, issue its notes, bonds and other obligations, and secure any of its obligations by mortgage or pledge of any of its property, franchises or income;
(f) To lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment;
(g) To be a promoter, partner, member, associate or manager of any partnership, joint venture, trust, limited liability company, foreign limited liability company or other entity;
(h) To conduct its business, locate offices and exercise the powers granted by this chapter within or without this state;
(i) To have and select employees and agents, define their duties, fix their compensation and lend them money and credit;
(j) To pay pensions and establish pension plans, pension trusts, profit sharing plans, bonus plans, and benefit or incentive plans for any or all of its and its subsidiaries' current or former managers, members, employees and agents;
(k) To make donations for the public welfare or for charitable, scientific or educational purposes;
(l) To transact any lawful business that will aid governmental policy; and
(m) To do any other act, not inconsistent with law, that furthers its business and affairs.
Sources: Laws, 1994, ch. 402, § 8, eff from and after July 1, 1994.