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·Ch. 21 Corporations and Other Companies

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Nebraska § 21-104 (Nature, purpose and duration of limited liability company; classification for tax purposes) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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).