§ 57C-2-02. Powers of the limited liability company. - North Carolina Statutes

§ 57C‑2‑02. Powers of the limited liability company.

Unless its articles oforganization or this Chapter provide otherwise, each limited liability companyhas the same powers as an individual to do all things necessary or convenientto carry out its business and affairs, including, without limitation, power:

(1)        To sue and be sued,complain, and defend in its own name;

(2)        To make and amendoperating agreements, not inconsistent with its articles of organization orwith the laws of this State, for managing the business and regulating theaffairs of the limited liability company;

(3)        To purchase,receive, lease, or otherwise acquire, and own, hold, improve, use, andotherwise deal with, real or personal property, or any legal or equitableinterest in property, wherever located;

(4)        To sell, convey,mortgage, pledge, lease, exchange, and otherwise dispose of all or any part ofits property;

(5)        To purchase,receive, subscribe for, or otherwise acquire; own, hold, vote, use, sell,mortgage, lend, pledge, or otherwise dispose of; and deal in and with shares orother interests in, or obligations of, any other entity;

(6)        To make contractsand guarantees, incur liabilities, borrow money, issue its notes, bonds, andother obligations (which may be convertible into or include the option topurchase other interests in the limited liability company), and secure any ofits obligations by mortgage or pledge of any of its property, franchises, orincome;

(7)        To lend money,invest and reinvest its funds, and receive and hold real and personal propertyas security for repayment;

(8)        To be a promoter,partner, member, associate, or manager of any partnership, joint venture,trust, or other entity;

(9)        To conduct itsbusiness, locate offices, and exercise the powers granted by this Chapterwithin or without this State;

(10)      To elect or appointmanagers, directors, executives, officers, employees, and agents of the limitedliability company, define their duties, fix their compensation, and lend themmoney and credit;

(11)      To pay pensions andestablish pension plans, pension trusts, profit‑sharing plans, and otherbenefit or incentive plans for any or all of its current or former managers,directors, executives, officers, employees, and agents;

(12)      To make donations forthe public welfare or for charitable, religious, cultural, scientific, oreducational purposes;

(13)      To transact anylawful business that will aid governmental policy;

(14)      To make payments ordonations, or do any other act, not inconsistent with law, that furthers thebusiness and affairs of the limited liability company;

(15)      To provide insurancefor its benefit on the life or physical or mental ability of any of itsmanagers, directors, executives, officers, or employees or on the life orphysical or mental ability of any owner of any interest in the limitedliability company for the purpose of acquiring the interest owned by him at thetime of his death or disability, and for these purposes the limited liabilitycompany is deemed to have an insurable interest in its managers, directors,executives, officers, employees, or members and other interest owners; and toprovide insurance for its benefit on the life or physical or mental ability ofany other person in whom it has an insurable interest; and

(16)      To render professionalservices, subject to G.S. 57C‑2‑01(c). (1993, c. 354, s. 1; 2001‑387,s. 56.)