Section 1201 – Series of transferable interests.
48-3a-1201. Series of transferable interests. (1) An operating agreement may establish or provide for the establishment of a designated series of transferable interests having separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations, and, to the extent […]
Section 1202 – Notice of limitation on liability of a series.
Effective 5/12/2015 48-3a-1202. Notice of limitation on liability of a series. (1) (a) Notice in a limited liability company’s certificate of organization of the limitation on liabilities of a series as referenced in Subsection 48-3a-1201(2)(e) is sufficient for all purposes of this part whether or not the limited liability company has established a series at […]
Section 1203 – Agreement to be liable.
48-3a-1203. Agreement to be liable. Notwithstanding Section 48-3a-304, or a contrary provision in an operating agreement, a member or manager may agree to be obligated personally for any or all of the debts, obligations, or liabilities of one or more series. Enacted by Chapter 412, 2013 General Session
Section 1204 – Series related provisions in operating agreement.
48-3a-1204. Series related provisions in operating agreement. (1) An operating agreement may provide for classes or groups of members or managers associated with a series having such relative rights, powers, and duties as the operating agreement may provide. (2) The operating agreement may provide for the future creation of additional classes or groups of members […]
Section 1107 – Activity limitations.
48-3a-1107. Activity limitations. A professional services company may not do anything that an individual licensed to practice the profession that the professional services company is organized to provide is prohibited from doing. Enacted by Chapter 412, 2013 General Session
Section 1108 – This part does not limit regulating board.
48-3a-1108. This part does not limit regulating board. This part does not restrict the authority or duty of a regulating board to license an individual providing a professional service or the practice of the profession that is within the jurisdiction of the regulating board, notwithstanding that the individual: (1) is a member, manager, or employee […]
Section 1109 – Member or manager of a professional services company.
48-3a-1109. Member or manager of a professional services company. A professional services company organized to provide a professional service: (1) may include a member, manager, or employee who is authorized under the laws of the jurisdiction where the member, manager, or employee resides to provide a similar professional service; (2) may include a member who […]
Section 1110 – Restriction on transfer by member.
48-3a-1110. Restriction on transfer by member. (1) Except as provided in Subsections (2) and (3), a member of a professional services company may sell or transfer the member’s interest in the professional services company only to: (a) the professional services company; or (b) an individual who is licensed or registered by this state to provide […]
Section 1102 – Application of this part.
48-3a-1102. Application of this part. (1) If a conflict arises between this part and another provision of this chapter, this part controls. (2) Notwithstanding the other provisions of this part, on and after January 1, 2016: (a) a professional services company may not designate series of transferable interests; and (b) a limited liability company may […]
Section 1103 – Additional requirements for certificate of organization.
48-3a-1103. Additional requirements for certificate of organization. The certificate of organization of a professional services company shall: (1) comply with Section 48-3a-201; and (2) contain the following: (a) a name consistent with Section 48-3a-1104; (b) a description of the profession to be practiced through the professional services company; and (c) notwithstanding Section 48-3a-201, the name […]