10-32.1-07. Nature, purpose, and duration of a limited liability company.

1. A limited liability company is an entity distinct from its members.

2. Except for a nonprofit limited liability company subject to chapter 10-36, which must comply with that chapter, a limited liability company may have any lawful purpose.

3. A limited liability company has perpetual duration unless stated otherwise in articles of organization filed with the secretary of state prior to July 1, 2015.