(a) The exclusive right to the use of a name may be reserved by any of the following:
        (1) A person intending to organize a limited
    
liability company under this Act which will have that name.
        (2) A limited liability company or any foreign
    
limited liability company registered in this State that, in either case, intends to adopt that name.
        (3) Any foreign limited liability company having that
    
name and intending to make application for admission to transact business in this State.
        (4) A person intending to organize a foreign limited
    
liability company and intending to make application for admission to transact business in this State and adopt that name.
    (b) To reserve a specified name, a person shall submit an application to the Secretary of State in the form and manner the Secretary shall designate. If the Secretary of State finds that the name is available for use by a limited liability company or foreign limited liability company, the Secretary of State shall reserve the name for the exclusive use of the applicant for a period of 90 days or until surrendered by a written cancellation document signed by the applicant, whichever is sooner. The right to the exclusive use of a reserved name may be transferred to any other person by delivering to the Office of the Secretary of State a notice of the transfer, executed by the person for whom the name was reserved and specifying the name and address of the transferee.