Section 21-104 - Nature, purpose and duration of limited liability company; classification for tax purposes(RULLCA 104)
(a) A limited liability company is an entity distinct from its members.(b) A limited liability company may have any lawful purpose, except that a limited liability company may not operate as an insurer as defined in section 44-103.(c) A limited liability company has perpetual duration.(d) A limited liability company shall be classified for state income tax purposes in the same manner as it is classified for federal income tax purposes.Laws 2010, LB 888,§ 4; Laws 2016, LB 758,§ 1. Amended by Laws 2016, LB 758,§ 1, eff. 7/21/2016.