(a) The exclusive right to use a specified name for a domestic or foreign limited liability company may be reserved by:
(1) A person who intends to organize a domestic limited liability company;
(2) A domestic limited liability company that proposes to change its name;
(3) A foreign limited liability company that intends to register to do business in this State; or
(4) A foreign limited liability company registered to do business in this State that proposes to change its name.
(b) (1) A person may reserve a specified name by filing a signed application with the Department.
(2) If the Department finds that the name is available for use by a limited liability company, the Department shall reserve the name for 30 days for the exclusive use of the applicant.
(c) The exclusive right to use a reserved name may be transferred to another person by filing with the Department a notice of the transfer which specifies the name and address of the transferee and is signed by the applicant for whom the name was reserved.