(RULLCA 104) (a) A limited liability company is an entity distinct from its members. (b) A limited liability company may have any lawful purpose, except that a limited liability company may not operate as an insurer as defined in section 44-103 . (c) A limited liability company has perpetual duration. (d) A limited liability company shall be classified for state income tax purposes in the same manner as it is classified for federal income tax purposes.
Neb. Rev. Stat. § 21-104
Nature, purpose and duration of limited liability company; classification for tax purposes
Applied in 2 court decisions — leading case Steinhausen v. HomeServices of Neb. (2015)
Most recently applied in Alpha Wealth Advisors v. Cook (January 2023)
Laws 2010, LB888, § 4; Laws 2016, LB758, § 1.
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.