79-29-904 - Purposes.
§ 79-29-904. Purposes.
(1) Except to the extent authorized by subsection (2), a limited liability company may elect professional limited liability company status under Section 79-29-903 solely for the purpose of rendering professional services (including services ancillary to them) and solely within a single profession.
(2) A limited liability company may elect professional limited liability company status under Section 79-29-903 for the purpose of rendering professional services within two (2) or more professions, and for the purpose of engaging in any lawful business authorized by Section 79-29-108(1) to the extent the combination of professional purposes or of professional and business purposes is not prohibited by the licensing law of this state applicable to each profession in the combination.
Sources: Laws, 1994, ch. 402, § 58; Laws, 1995, ch. 494, § 39, eff from and after July 1, 1995.