§ 7-16-10 - Reservation of name – Transfer of reserved name.
SECTION 7-16-10
§ 7-16-10 Reservation of name –Transfer of reserved name. – (a) The exclusive right to use a specified name for a domestic or foreignlimited liability company may be reserved by:
(1) A person who intends to organize a domestic limitedliability company;
(2) A domestic limited liability company or foreign limitedliability company registered in this state which, in either case, proposes tochange its name;
(3) A foreign limited liability company which intends toregister in this state; or
(4) Any person intending to organize a foreign limitedliability company and intending to have it registered in this state and adoptthat name.
(b) A person may reserve a specified name by filing a signedapplication with the secretary of state and, if the secretary of state findsthat the name is available, the secretary of state shall reserve the name forone hundred twenty (120) days for the exclusive use of the applicant.
(c) The exclusive right to use a reserved name may betransferred to another person by filing with the secretary of state a notice ofthe transfer which specifies the name and address of the transferee and issigned by the applicant for whom the name was reserved.