605.2104 Powers and duration of protected series.
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/fl/title-xxxvi/chapter-605/605-2104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
(2)Except as otherwise provided in subsections
(3)and (4), a protected series of a series limited liability company has the same powers and purposes as the series limited liability company.
(3)A protected series of a series limited liability company ceases to exist not later than when the series limited liability company completes its winding up.
(4)A protected series of a series limited liability company may not be or do, as applicable, any of the following:
(a)Be a member of the series limited liability company;
(b)Establish a protected series; or
(c)Except as permitted by the laws of this state other than this chapter, have a purpose or power, or take an action, that the laws of this state other than this chapter prohibit a limited liability company from having or doing.