State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-2603

21-2603. Powers.A limited liability company organized pursuant to and existing under the Limited Liability Company Act may:(1) Sue, be sued, complain, and defend in its name;(2) Purchase, take, receive, lease, and otherwise acquire, own, hold, improve, use, and otherwise deal in and with real or personal property or an interest in real or personal property wherever situated;(3) Sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets;(4) Lend money to and otherwise assist its members;(5) Purchase, take, receive, subscribe for, and otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, and otherwise dispose of, use, and deal in and with shares or other interests in or obligations of other limited liability companies, domestic or foreign corporations, associations, general or limited partnerships, or individuals or direct or indirect obligations of the United States or of any government, state, territory, governmental district, or municipality or of any instrumentality thereof;(6) Make contracts and guarantees and incur liabilities, borrow money at such rates of interest as the limited liability company may determine, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of all or any part of its property, franchises, and income;(7) Lend money for its proper purposes, invest and reinvest its funds, and take and hold real property and personal property for the payment of funds loaned or invested;(8) Conduct its business, carry on its operations, and have and exercise the powers granted by the act in any state, territory, district, or possession of the United States or in any foreign country;(9) Elect or appoint one or more managers and agents of the limited liability company and define their duties and fix their compensation;(10) Make and alter operating agreements, not inconsistent with its articles of organization or with the laws of this state, for the administration and regulation of the affairs of the limited liability company;(11)(a) Indemnify a member, manager, or former member or manager of the limited liability company against expenses actually and reasonably incurred in connection with the defense of a civil or criminal action, suit, or proceeding in which such person is made a party by reason of being or having been a member or manager except in matters as to which such person is adjudged in the action, suit, or proceeding to be liable for negligence or misconduct in the performance of duty and (b) make any other indemnification that is authorized by the articles of organization or by an article of the operating agreement or resolution adopted by the members after notice;(12) Cease its activities and surrender its certificate of organization;(13) Have and exercise all powers necessary or convenient to effect any or all of the purposes for which the limited liability company is organized;(14) Become a member of a general partnership, limited partnership, joint venture or similar association, or other limited liability company; and(15) Render a professional service within or without this state. SourceLaws 1993, LB 121, § 3; Laws 1997, LB 631, § 1; Laws 2006, LB 647, § 6. Termination Date: January 1, 2013