Sec. 10. (a) A master limited liability company and any of its series may elect any of the following:
(1) To consolidate their operations as a single taxpayer to the extent permitted under applicable law.
(2) To work cooperatively.
(3) To contract jointly.
(4) To be treated as a single business for purposes of qualification to do business in Indiana or any other state.
(b) Any elections under subsection (a) do not affect the limitation of liability set forth in IC 23-18.1-5-1 except to the extent that two (2) or more series have specifically accepted joint or joint and several liability by contract.
As added by P.L.170-2016, SEC.19.
Structure Indiana Code
Title 23. Business and Other Associations
Article 18.1. Series Limited Liability Companies
23-18.1-4-1. Operating Agreement Requirement
23-18.1-4-3. Establishment of Classes or Groups of Members or Managers
23-18.1-4-4. Series With Limited Liability Treated as Separate Entity; Authority of Series
23-18.1-4-5. Agreement by Member or Manager to Be Obligated for Debts, Obligations, and Liabilities
23-18.1-4-6. Management of Series
23-18.1-4-7. Cease to Be Manager of Series; Limitation of Effect
23-18.1-4-10. Elections by Master Limited Liability Company and Any Series