(1) A limited liability company is an entity distinct from its member or members. (2) A limited liability company may have any lawful purpose, regardless of whether for profit. A limited liability company engaging in a business that is subject to the provisions of another chapter may organize under this chapter only if not prohibited by, and is subject to all limitations of, the other chapter. (3) A limited liability company has perpetual duration. (3m) An interest in a limited liability company may be a security, as specified in s. 551.102 (28) (e).
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