Nebraska § 21-104 Nature, purpose and duration of limited liability company; classification for tax purposes

Nebraska Statutes

§ 21-104 — Nature, purpose and duration of limited liability company; classification for tax purposes

Nebraska § 21-104

Ch. 21Corporations and Other Companies

This text of Nebraska § 21-104 (Nature, purpose and duration of limited liability company; classification for tax purposes) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 21-104 (2026).

Text

(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.

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(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.

Legislative History

Source: Laws 2010, LB888, § 4; Laws 2016, LB758, § 1. Annotations: Because a limited liability company is an entity distinct from its members, any personal injuries suffered by a member of such a company are not personal injuries suffered by the company. Alpha Wealth Advisors v. Cook, 313 Neb. 237, 983 N.W.2d 526 (2023).