1. A protected series of a series limited liabilitycompany has the capacity to sue and be sued in its own name. 2. Except as otherwise provided in subsections 3 and 4, a protected series of a series limited liability company has the same powers and purposes as the company. 3. A protected series of a series limited liabilitycompany ceases to exist not later than when the company completes itswinding up. 4. A protected series of a series limited liabilitycompany shall not do any of the following: a. Be a member of the company. b. Establish a protected series. c. Except as permitted by law of this state other than this subchapter, have a purpose or power that thelaw of thisstateother than this subchapterprohibits a limitedliabilitycompany from doing or having.
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