(a) If a limited liability company complies with Section 10A-5A-11.02, a limited liability company agreement may establish or provide for the establishment of one or more designated series of assets that:
(1) has separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations; or
(2) has a separate purpose or investment objective.
(b) A series established in accordance with subsection (a) may carry on any activity, whether or not for profit.
(c) After a person is admitted as a member of a limited liability company in accordance with Section 10A-5A-4.01, a member is associated with a series of the limited liability company:
(1) as provided in the limited liability agreement;
(2) as the result of a transaction effective under Article 10; or
(3) with the consent of all members associated with that series.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 5A - Alabama Limited Liability Company Law of 2014.
Article 11 - Series Provisions.
Section 10A-5A-11.01 - Series of Assets.
Section 10A-5A-11.02 - Enforceability of Obligations and Expenses of Series Against Assets.
Section 10A-5A-11.03 - Assets of Series.
Section 10A-5A-11.04 - Statement of Limitation on Liabilities of Series.
Section 10A-5A-11.06 - Event Causing Dissociation of a Member Associated With a Series.
Section 10A-5A-11.07 - Effect of Person's Dissociation as a Member.
Section 10A-5A-11.08 - Dissolution and Winding Up of Series.
Section 10A-5A-11.09 - Event Requiring Dissolution.
Section 10A-5A-11.10 - Effect of Dissolution of Series.
Section 10A-5A-11.11 - Right to Wind Up Activities and Affairs of Series.
Section 10A-5A-11.12 - Known Claims Against Dissolved Series.
Section 10A-5A-11.13 - Other Claims Against Dissolved Series.
Section 10A-5A-11.14 - Application of Assets in Winding Up Series' Activities and Affairs.
Section 10A-5A-11.15 - Reinstatement After Dissolution of a Series.