(a) If a limited liability company complies with Section 10A-5A-11.02, a limited liability company agreement may establish or provide for the establishment of one or more designated series of assets that:

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Terms Used In Alabama Code 10A-5A-11.01

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
(1) has separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations; or
(2) has a separate purpose or investment objective.
(b) A series established in accordance with subsection (a) may carry on any activity, whether or not for profit.
(c) After a person is admitted as a member of a limited liability company in accordance with Section 10A-5A-4.01, a member is associated with a series of the limited liability company:

(1) as provided in the limited liability agreement;
(2) as the result of a transaction effective under Article 10; or
(3) with the consent of all members associated with that series.
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