Section 23-18.1-4-2 - Establishment of designated series of members, managers, or limited liability company interests An operating agreement of a master limited liability company may establish or provide for the establishment of one (1) or more designated series of members, managers, or limited liability company interests that:
(1) have separate rights, powers, or duties with respect to:(A) specified property or obligations of the limited liability company; or(B) profits and losses associated with specified property or obligations; and(2) to the extent provided in the operating agreement, may have a separate business purpose or investment objective.Added by P.L. 170-2016, SEC. 19, eff. 1/1/2017.