Alabama § 10A-5A-1.04 - Powers and Privileges.
Full text of Alabama Code of Alabama § 10A-5A-1.04 — Powers and Privileges., with citation guidance and answers to common questions.
§ 10A-5A-1.04. Powers and Privileges.
(a) A limited liability company is a separate legal entity. A limited liability company’s status for tax purposes shall not affect its status as a separate legal entity formed under this chapter.
(b) A limited liability company shall possess and may exercise all the powers and privileges granted and enumerated by Chapter 1 or by any other law or by its limited liability company agreement, together with any powers incidental thereto, including those powers and privileges necessary or convenient to the conduct, promotion, or attainment of the business, purposes, or activities and affairs of the limited liability company.
(c) A limited liability company may carry on any lawful activity, whether or not for profit.
(d) A series established under this chapter has the power and capacity, in the series’ own name, to:
(1) sue and be sued;
(2) contract;
(3) hold and convey title to assets of the series, including real property, personal property, and intangible property; and
(4) grant liens and security interests in assets of the series.
Frequently Asked Questions About Alabama § 10A-5A-1.04
What does Code of Alabama § 10A-5A-1.04 cover?
Section 10A-5A-1.04 ("Powers and Privileges.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 10A-5A-1.04?
A common citation format is "Code of Alabama § 10A-5A-1.04" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 10A-5A-1.04 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.