(a) A limited liability company is an entity distinct from its member or members.
(b) A limited liability company may have any lawful purpose, regardless of whether for profit.
(c) A limited liability company shall have perpetual duration.
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 substituted “member or members” for “members” in (a).
Uniform Law: This section is based on § 104 of the Uniform Limited Company Act (2006 Act).
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.