183.0108 Nature, purpose, and duration of limited liability company. (1) A limited liability company is an entity distinct from its member or members.(2) A limited liability company may have any lawful purpose, regardless of whether for profit. A limited liability company engaging in a business that is subject to the provisions of another chapter may organize under this chapter only if not prohibited by, and is subject to all limitations of, the other chapter.(3) A limited liability company has perpetual duration.(3m) An interest in a limited liability company may be a security, as specified in s. 551.102 (28) (e).History: 2021 a. 258.
Wisconsin Legal Code