§428-111  Nature of business and powers. 
(a)  A limited liability company may be organized under this chapter for any
lawful purpose, subject to any law of this State governing or regulating
business.



(b)  Unless its articles of organization
provide otherwise, a limited liability company has the same powers as an
individual to do all things necessary or convenient to carry on its business or
affairs, including power to:



(1)  Sue and be sued, and defend in its company name;



(2)  Purchase, receive, lease, or otherwise acquire,
and own, hold, improve, use, and otherwise deal with real or personal property,
or any legal or equitable interest in property, wherever located;



(3)  Sell, convey, mortgage, grant a security interest
in, lease, exchange, and otherwise encumber or dispose of all or any part of
its property;



(4)  Purchase, receive, subscribe for, or otherwise
acquire, own, hold, vote, use, sell, mortgage, lend, grant a security interest
in, or otherwise dispose of and deal in and with, shares or other interests in
or obligations of any other entity;



(5)  Make contracts and guarantees, incur liabilities,
borrow money, issue notes, bonds, and other obligations, which may be
convertible into or include the option to purchase other securities of the
limited liability company, and secure any of its obligations by a mortgage on
or a security interest in any of its property, franchises, or income;



(6)  Lend money, invest and reinvest its funds, and
receive and hold real and personal property as security for repayment;



(7)  Be a promoter, partner, member, associate, or
manager of any partnership, joint venture, trust, or other entity;



(8)  Conduct its business, locate offices, and
exercise the powers granted by this chapter within or without this State;



(9)  Elect managers and appoint officers, employees,
and agents of the limited liability company, define their duties, fix their
compensation, and lend them money and credit;



(10)  Pay pensions and establish pension plans, pension
trusts, profit sharing plans, share bonus plans, share option plans, and
benefit or incentive plans for any or all of its current or former members,
managers, officers, employees, and agents;



(11)  Make donations for the public welfare or for
charitable, scientific, or educational purposes; and



(12)  Make payments or donations, or do any other act,
not inconsistent with law, that furthers the business of the limited liability
company. [L 1996, c 92, pt of §1; am L 1999, c 164, §3]