(a) The exclusive right to use a name may be reserved by:
(1) Any person intending to organize a limited liability company and to adopt that name;
(2) Any limited liability company or any foreign limited liability company registered in this state that intends to adopt that name;
(3) Any foreign limited liability company intending to register in this state and to adopt that name; or
(4) Any person intending to organize a foreign limited liability company and to have it registered in this state and to adopt that name.
(b) The reservation shall be made by filing with the Secretary of State an application, executed by the applicant, to reserve a specified name. If the Secretary of State finds that the name is available for use by a domestic or foreign limited liability company, the Secretary of State shall reserve the name of 1 the exclusive use of the applicant for a period of one hundred twenty (120) days from and after the date the application is filed with the Secretary of State.
(c) The holder of a reserved limited liability company name may renew the reservation for two (2) successive periods of one hundred twenty (120) days each from the date of the first renewal.
(d) The right to the exclusive use of a reserved name may be transferred to another person by filing with the Secretary of State a notice of the transfer, executed by the applicant for whom the name was reserved, and specifying the name to be transferred and the name and address of the transferee. The transfer shall not extend the term during which the name is reserved.
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