NATURE, PURPOSE, AND DURATION OF LIMITED LIABILITY COMPANY.
Known as the Minnesota Revised Uniform Limited Liability Company Act
The act spans §§ 322C.0101 to 322C.1205 (92 sections).
2014 c 157 art 1 s 4
Subdivision 1. Separate entity.
A limited liability company is an entity distinct from its members.
Subd. 2. Permitted purposes.
Except for a nonprofit limited liability company subject to section 322C.1101 , which must comply with that section, a limited liability company may have any lawful purpose.
Subd. 3. Duration.
A limited liability company has perpetual duration.
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.