Sec. 1. (a) A master limited liability company must be organized in accordance with IC 23-18-2 and its articles of organization must authorize the designation of one (1) or more series.
(b) A foreign master limited liability company must be:
(1) authorized to transact business in Indiana in accordance with IC 23-0.5-5; and
(2) organized under a law that allows for the designation of one (1) or more series.
Its articles of organization must authorize the designation of one (1) or more series.