1. (a) The law of this state governs:

   1. (1) the organization and internal affairs of a limited liability company, or series thereof;
   2. (2) the liability of a member as a member for the debts, obligations, or other liabilities of a limited liability company, or series thereof;
   3. (3) the authority of the members and agents of a limited liability company, or series thereof; and
   4. (4) the availability and liability of the assets of a series or the limited liability company for the obligations of another series or the limited liability company.

2. (b) The law of the state or other jurisdiction under which a foreign limited liability company is formed governs:

   1. (1) the organization and internal affairs of a foreign limited liability company, or series thereof;
   2. (2) the liability of a member as a member for the debts, obligations, or other liabilities of a foreign limited liability company, or series thereof;
   3. (3) the authority of the members and agents of a foreign limited liability company, or series thereof; and
   4. (4) the availability and liability of the assets of a series or the foreign limited liability company for the obligations of another series or the foreign limited liability company.

(Act 2014-144, p. 265, §1; Act 2015-165, §1.)