1. 1. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
2. 2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company.
3. 3. A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up.

4. 4. A protected series of a series limited liability company shall not do any of the following:

   1. a. Be a member of the company.
   2. b. Establish a protected series.
   3. c. Except as permitted by law of this state other than this subchapter, have a purpose or power that the law of this state other than this subchapter prohibits a limited liability company from doing or having.

2019 Acts, ch 26, §4, 41; 2023 Acts, ch 152, §129, 161

Referred to in §489.14103, 489.14107