§ 23-18-2-2 — Powers

Indiana § 23-18-2-2

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 2: Organization and Powers

Text

Unless the limited liability company's articles
of organization provide otherwise, every limited liability company has
the same powers as an individual to do all things necessary or
convenient to carry out its business and affairs, including the following:
(1) Sue, be sued, complain, and defend in its name.
(2) Make and amend operating agreements, not inconsistent with
its articles of organization or with the laws of this state, for
managing the business and regulating the affairs of the limited
liability company.
(3) Purchase, receive, lease, or otherwise acquire and own, hold,
improve, use, and otherwise deal with real or personal property,
or any legal or equitable interest in property, wherever located.
(4) Sell, convey, mortgage, pledge, lease, exchange, and
otherwise dispose of all or any part of its property.
(5) Except as otherwise prohibited by this article:
(A) purchase, receive, subscribe for, or otherwise acquire;
(B) own, hold, vote, use, sell, mortgage, lend, pledge, or
otherwise dispose of; and
(C) deal in and with shares, interests, obligations, or other
securities of;
any corporation, partnership, association, limited liability
company, foreign limited liability company, or business trust.
(6) Make contracts and guarantees, incur liabilities, borrow
money, and issue notes, bonds, and other obligations, and secure
any of its obligations by mortgage or pledge of any of its property,
franchises, or income.
(7) Lend money, invest and reinvest its funds, and receive and
hold real and personal property as security for repayment.
(8) Be a promoter, a stockholder, a partner, a member, a manager,
an associate, or an agent of any corporation, partnership, limited
liability company, foreign limited liability company, joint venture,
trust, or other enterprise.
(9) Conduct its business, locate offices, and exercise the powers
granted by this article within or outside Indiana.
(10) Elect or appoint managers, agents, and employees, define
their duties, fix their compensation, and lend them money and
credit.
(11) Pay pensions and establish and administer pension plans,
pension trusts, profit-sharing plans, welfare plans, qualified and
nonqualified retirement plans, and benefit or incentive plans for
any or all of its current or former managers, employees, and
agents.
(12) Make donations for public welfare, charitable, scientific, or
educational purposes.
(13) Transact any lawful business that will aid governmental
policy.
(14) Indemnify and hold harmless any member, manager, agent,
or employee from and against any and all claims and demands,
except in the case of action or failure to act by the member, agent,
or employee which constitutes willful misconduct or recklessness
and subject to any standards and restrictions set forth in a written
operating agreement.
(15) To the extent authorized by the licensing authority (as
defined in IC 23-1.5-1-9) provide professional services (as
defined in IC 23-1.5-1-11).
(16) Make payments or donations or do any other act that furthers
the business and affairs of the limited liability company.
(17) Adopt, either in the limited liability company's articles of
organization or written operating agreement, a provision
establishing exclusive jurisdiction in the circuit or superior courts
of any county in Indiana or in the United States district courts of
Indiana, for:
(A) any action asserting a claim for breach of a fiduciary duty
owed by any director, officer, employee, or agent of the limited
liability company to the limited liability company;
(B) any action asserting a claim arising under:
(i) any provision of this article; or
(ii) the limited liability company's articles of organization or
operating agreement; or
(C) any actions otherwise relating to the internal affairs of the
limited liability company.

Legislative History

As added by P.L.8-1993, SEC.301. Amended by P.L.63-2014, SEC.28.