§ 7-16-4 - Powers.
SECTION 7-16-4
§ 7-16-4 Powers. – Each limited liability company has the power:
(1) To sue, be sued, complain and defend in its name in allcourts;
(2) To transact its business, carry on its operations andhave and exercise the powers granted by this chapter in any state and in anyforeign country;
(3) To make contracts and guarantees, incur liabilities andborrow money, although not in furtherance of the limited liability company'spurposes;
(4) To sell, lease, exchange, transfer, convey, mortgage,pledge and otherwise dispose of all or any part of its property and assetsalthough not in furtherance of the limited liability company's purposes;
(5) To acquire by purchase or in any other manner, take,receive, own, hold, improve, use and otherwise deal in and with any interest inreal or personal property, wherever situated;
(6) To issue notes, bonds and other obligations and secureany of them by mortgage or deed of trust or security interest of any or all ofits assets;
(7) To purchase, take, receive, subscribe for or otherwiseacquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge orotherwise dispose of and otherwise use and deal in and with stock or otherinterests in and obligations of corporations, associations, general or limitedpartnerships, domestic or foreign limited liability companies, business trusts,and individuals or direct or indirect obligations of the United States or ofany other government, state, territory, governmental district or municipalityor of any of their instrumentalities;
(8) To invest its surplus funds, lend money from time to timein any manner which is appropriate to enable it to carry on the operations orfulfill the purposes set forth in its articles of organization and take andhold real property and personal property as security for the payment of thefunds loaned or invested;
(9) To elect or appoint agents and define their duties andfix their compensation;
(10) To be a promoter, stockholder, partner, member,associate or agent of any corporation, general or limited partnership, domesticor foreign limited liability company, joint venture, trust or other enterprise;
(11) To indemnify and advance expenses to any member,manager, agent or employee, past or present, to the same extent as acorporation formed under chapter 1.2 of this title may indemnify any of itsdirectors, officers, employees or agents and subject to the standards andrestrictions, if any, set forth in the articles of organization or operatingagreement, and to purchase and maintain insurance on behalf of any member,manager, agent or employee against any liability asserted against him andincurred by the member, manager, agent or employee in that capacity or arisingout of the member's, manager's, agent's or employee's status, whether or notthe limited liability company would have the power to indemnify under theprovisions of this section, the articles of organization or operating agreement;
(12) To make and alter operating agreements, not inconsistentwith its articles of organization or with the laws of this state, for theadministration and regulation of the business and affairs of the limitedliability company;
(13) To lend money and to use its credit to assist itsemployees;
(14) To make donations for the public welfare or forcharitable, scientific or educational purposes;
(15) To pay pensions and establish pension plans, pensiontrusts, profit sharing plans and other incentive and benefit plans for any orall of its agents and employees;
(16) To provide insurance for its benefit on the life of anyof its agents or employees or on the life of any individual member for thepurpose of acquiring at the member's death the membership interest owned by themember;
(17) To cease its activities and dissolve; and
(18) To do every other act not inconsistent with law which isappropriate to promote and to attain its purposes.