21-2602 Organization of company; purpose; deemed a syndicate; exceptions. - Nebraska Statutes

21-2602. Organization of company; purpose; deemed a syndicate; exceptions.(1) A limited liability company may be organized pursuant to the Limited Liability Company Act for any lawful purpose other than for the purpose of being an insurer as described in section 44-102.(2) A limited liability company organized pursuant to the act shall be deemed to be a syndicate for purposes of Article XII, section 8, of the Constitution of Nebraska, except that a limited liability company in which the members are members of a family, or a trust created for the benefit of a member of that family, related to one another within the fourth degree of kindred according to the rules of civil law, or their spouses, at least one of whom is a person residing on or actively engaged in the day-to-day labor and management of the farm or ranch, and none of whom are nonresident aliens, shall not be deemed to be a syndicate for purposes of Article XII, section 8, of the Constitution of Nebraska. SourceLaws 1993, LB 121, § 2; Laws 1994, LB 884, § 26; Laws 1996, LB 681, § 183; Laws 2003, LB 127, § 1. Termination Date: January 1, 2013