21-104. Nature, purpose and duration of limited liability company; classification for tax purposes.
119 words·~1 min read·
/ne/chapter-21/21-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
Because a limited liability company is an entity distinct from its members, any personal injuries suffered by a member of such a company are not personal injuries suffered by the company. Alpha Wealth Advisors v. Cook, 313 Neb. 237, 983 N.W.2d 526 (2023).