Section 1706.76 | Separate asset series-designation by operating agreement.
(A) An operating agreement may establish or provide for the establishment of one or more designated series of assets that has both of the following:
(1) Either or both of the following:
(a) Separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations;
(b) A separate purpose or investment objective.
(2) At least one member associated with each series.
(B) A series established in accordance with division (A) of this section may carry on any activity, whether or not for profit.
Available Versions of this Section
- April 12, 2021 – Enacted by Senate Bill 276 - 133rd General Assembly [ View April 12, 2021 Version ]