04. Nature, purpose, and duration of limited liability company. (a) A limited liability company is an entity distinct from its member or members. (b) A limited liability company may have any lawful purpose, regardless of whether for profit. (c) A limited liability company shall have perpetual duration. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(h)(2)(C), 59 DCR 13171.) Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted 'member or members' for 'members' in (a). Editor's Notes Uniform Law: This section is based on § 104 of the Uniform Limited Company Act (2006 Act). Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
District of Columbia Legal Code