35-8-107. Powers -- scope.
474 words·~2 min read·
/mt/title-35/chapter-8/part-1/35-8-107·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-8-107 . Powers -- scope.
(1)A limited liability company may:
(a)sue, be sued, complain, and defend in all courts;
(b)transact its business, carry on its operations, and have and exercise the powers granted by this section in any state; in any territory, district, or possession of the United States; and in any foreign country;
(c)make contracts and guarantees, incur liabilities, and borrow money;
(d)sell, lease, exchange, transfer, convey, mortgage, pledge, and otherwise dispose of any of its assets;
(e)acquire by purchase or in any other manner, take, receive, own, hold, improve, and otherwise deal with any interest in real or personal property, wherever located;
(f)issue notes, bonds, and other obligations and secure any of them by mortgage, deed of trust, or security interest of any of its assets;
(g)purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, loan, pledge, or otherwise dispose of and otherwise use and deal in and with stock or other interests in and obligations of domestic and foreign corporations, associations, general or limited partnerships, limited liability companies, business trusts, and individuals;
(h)invest its surplus funds, lend money from time to time in any manner that may be appropriate to enable it to carry on the operations or fulfill the purposes set forth in its articles of organization, and take and hold real property and personal property as security for the payment of funds loaned or invested;
(i)elect or appoint agents and define their duties and fix their compensation;
(j)sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets;
(k)be a promoter, stockholder, partner, member, associate, or agent of any corporation, partnership, domestic or foreign limited liability company, joint venture, trust, or other enterprise;
(l)indemnify and hold harmless any member, agent, or employee from and against any claims and demands whatsoever, except in the case of action or failure to act by the member, agent, or employee that constitutes willful misconduct or recklessness, and subject to the standards and restrictions, if any, set forth in the articles of organization or operating agreement;
(m)cease its activities and dissolve;
(n)pay pensions and establish pension plans, pension trusts, profit-sharing plans, share bonus plans, share option plans, and benefit or incentive plans for any of its current or former directors, officers, employees, and agents;
(o)make donations for the public welfare or for charitable, religious, scientific, or educational purposes and, in time of war, make donations in aid of war activities; and
(p)do every other act not inconsistent with law that is appropriate to promote and further the business and affairs of the limited liability company.
(2)This section applies to a limited liability company that has one or more series of members.