1. A limited-liability company is considered legally organized pursuant to this chapter:
(a) At the time of the filing of the articles of organization with the Secretary of State; and
(b) Upon paying the required filing fees to the Secretary of State.
2. A limited-liability company must not transact business or incur indebtedness, except that which is incidental to its organization or to obtaining subscriptions for or payment of contributions, until the company is considered legally organized pursuant to subsection 1.
3. A limited-liability company is an entity distinct from its managers and members.
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