§ 21-504. Powers and duration of protected series.

(a) A protected series of a series limited liability company has the capacity to sue and be sued in its own name. (b) Except as otherwise provided in subsections (c) and (d) of this section, a protected series of a series limited liability company has the same powers and purposes as the company. (c) A protected series of a series limited liability company ceases to exist not later than when the company completes its winding up. (d) A protected series of a series limited liability company may not: (1) be a member of the company; (2) establish a protected series; (3) render a professional service; or (4) except as permitted by law of this state other than the Nebraska Uniform Protected Series Act, have a purpose or power that the law of this state other than the Nebraska Uniform Protected Series Act prohibits a limited liability company from doing or having. History: Laws 2018, LB1121, § 5; Laws 2021, LB253, § 2.