§1501. Short title This chapter may be known and cited as “the Maine Limited Liability Company Act.” [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] SECTION HISTORY PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF).
§1502. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] 1. Articles of organization. “Articles of organization” means the articles described in former chapter 13, section 622. [PL […]
§1503. Knowledge; notice 1. Knows. A person knows a fact when the person: A. Has actual knowledge of it; or [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] B. Is deemed to know it under law other than this chapter. [PL 2009, c. 629, […]
§1504. Nature, purpose and duration of limited liability company 1. Distinct entity. A limited liability company is an entity distinct from its members. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] 2. Any lawful purpose. A limited liability company may have any lawful purpose, regardless of […]
§1505. Capacities and powers 1. To sue, be sued. A limited liability company has the capacity to sue and be sued in its own name. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] 2. To hold property. A limited liability company has the capacity to hold […]
§1506. Governing law The law of this State governs: [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] 1. Internal affairs. The internal affairs of a limited liability company; and [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] […]
§1507. Rules of construction 1. Freedom of contract. It is the policy of this chapter and this State to give maximum effect to the principles of freedom of contract and to the enforceability of limited liability company agreements. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).] […]
§1508. Limited liability company name 1. Requirements. A limited liability company name must contain the words “limited liability company” or “limited company” or the abbreviation “L.L.C.,” “LLC,” “L.C.” or “LC” or, in the case of a low-profit limited liability company, “L3C” or “13c” unless the limited liability company is filing an assumed name under section […]
§1509. Reservation of name 1. Reserve use of name. A person may reserve the exclusive use of a limited liability company name, including an assumed or fictitious name, by executing and delivering for filing an application to the office of the Secretary of State. The application must set forth the name and address of the […]
§1510. Assumed or fictitious name of limited liability company 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Assumed name” means a trade name or any name other than the real name of a limited liability company except a fictitious name. [PL […]
§1511. Registered name of foreign limited liability company 1. Register limited liability company name. A foreign limited liability company may register its limited liability company name if the name is distinguishable on the records of the office of the Secretary of State pursuant to section 1508. [PL 2009, c. 629, Pt. A, §2 (NEW); […]
