Section 10-32.1-07 - Nature, purpose, and duration of a limited liability company1. 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.Added by S.L. 2015, ch. 87 (HB 1136),§ 19, eff. 7/1/2015.