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Nature, purpose and duration of limited liability company

31 M.R.S. §1504
in effect
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1504. Nature, purpose and duration of limited liability company 1. Distinct entity. A limited liability company is an entity distinct from its members. 2. Any lawful purpose. A limited liability company may have any lawful purpose, regardless of whether for profit. 3. Duration. A limited liability company has perpetual duration. PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF).
Source: Maine Legislature, Office of the Revisor of Statutes (legislature.maine.gov)URL: https://legislature.maine.gov/statutes/31/title31sec1504.htmlFetched: 10/20/2026

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