Section 10-32.1-07 - Nature, purpose, and duration of a limited liability company1. A limited liability company is an entity distinct from its members.2. Except for a nonprofit limited liability company subject to chapter 10-36, which must comply with that chapter, a limited liability company may have any lawful purpose.3. A limited liability company has perpetual duration unless stated otherwise in articles of organization filed with the secretary of state prior to July 1, 2015.Added by S.L. 2015 , ch. 87( HB 1136 ), § 19, eff. 7/1/2015.