(a) A limited liability company is a separate legal entity. A limited liability company’s status for tax purposes shall not affect its status as a separate legal entity formed under this chapter.
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Terms Used In Alabama Code 10A-5A-1.04

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
(b) A limited liability company shall possess and may exercise all the powers and privileges granted and enumerated by Chapter 1 or by any other law or by its limited liability company agreement, together with any powers incidental thereto, including those powers and privileges necessary or convenient to the conduct, promotion, or attainment of the business, purposes, or activities and affairs of the limited liability company.
(c) A limited liability company may carry on any lawful activity, whether or not for profit.
(d) A series established under this chapter has the power and capacity, in the series’ own name, to:

(1) sue and be sued;
(2) contract;
(3) hold and convey title to assets of the series, including real property, personal property, and intangible property; and
(4) grant liens and security interests in assets of the series.
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