322C.0104 NATURE, PURPOSE, AND DURATION OF LIMITED LIABILITY COMPANY. Subdivision 1. Separate entity. A limited liability company is an entity distinct from its members. Subd. 2. Permitted purposes. Except for a nonprofit limited liability company subject to section 322C.1101, which must comply with that section, a limited liability company may have any lawful purpose. Subd. 3. Duration. A limited liability company has perpetual duration. History: 2014 c 157 art 1 s 4 322C.0104 NATURE, PURPOSE, AND DURATION OF LIMITED LIABILITY COMPANY. Subdivision 1. Separate entity. A limited liability company is an entity distinct from its members. Subd. 2. Permitted purposes. Except for a nonprofit limited liability company subject to section 322C.1101, which must comply with that section, a limited liability company may have any lawful purpose. Subd. 3. Duration. A limited liability company has perpetual duration. History: 2014 c 157 art 1 s 4
Minnesota Legal Code