Virginia Code 13.1-1090: Powers and duration of protected series.
A. A protected series of a series limited liability company has the capacity to sue and be sued in its own name.
Terms Used In Virginia Code 13.1-1090
- Member: means a person that has been admitted to membership in a limited liability company as provided in § Virginia Code 13.1-1002
B. Except as otherwise provided in subsections C and D, a protected series of a series limited liability company has the same powers and purpose as the series limited liability company.
C. A protected series of a series limited liability company ceases to exist not later than when the series limited liability company ceases to exist.
D. A protected series of a series limited liability company shall not:
1. Be a member of the series limited liability company;
2. Establish a protected series; or
3. Except as permitted by a law of the Commonwealth other than this article, have any purpose or power that the law of the Commonwealth other than this article prohibits a limited liability company from doing or having.
2019, c. 636.