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

(b)  Unless its articles of organizationprovide otherwise, a limited liability company has the same powers as anindividual to do all things necessary or convenient to carry on its business oraffairs, 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 interestin, lease, exchange, and otherwise encumber or dispose of all or any part ofits property;

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

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

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

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

(8)  Conduct its business, locate offices, andexercise 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 theircompensation, and lend them money and credit;

(10)  Pay pensions and establish pension plans, pensiontrusts, profit sharing plans, share bonus plans, share option plans, andbenefit 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 forcharitable, 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 liabilitycompany. [L 1996, c 92, pt of §1; am L 1999, c 164, §3]