C.R.S. Section 7-80-104
Powers


(1)

Each limited liability company formed and existing under this article may:

(a)

Sue and be sued, complain and defend, and participate in administrative or other proceedings, in its name;

(b)

Purchase, take, receive, lease or otherwise acquire, own, hold, improve, use, and otherwise deal in and with real or personal property, or an interest in it, wherever situated;

(c)

Sell, convey, assign, encumber, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets;

(d)

Lend money to and otherwise assist its members and employees;

(e)

Purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use and deal in and with, shares or other interests in or obligations of any other person;

(f)

Make contracts and guarantees and incur liabilities, borrow money at such rates of interest as the limited liability company may determine, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of all or any part of its property, franchises, and income;

(g)

Lend money for its proper purposes, invest and reinvest its funds, and take and hold real property and personal property for the payment of funds so loaned or invested;

(h)

Conduct its business, carry on its operations, and have and exercise the powers granted by this article in any jurisdiction;

(i)

Have managers and other agents;

(j)

Be a party to the operating agreement;

(k)

Indemnify a member or manager or former member or manager of the limited liability company as provided in section 7-80-407;
(l)(Deleted by amendment, L. 2003, p. 2264, § 176, effective July 1, 2004.)(m) Have and exercise all powers necessary or convenient to effect any or all of the purposes for which the limited liability company is formed;

(n)

Be an agent, an associate, a fiduciary, a manager, a member, a partner, a promoter, or a trustee of, or hold any similar position with, any entity, trust, or estate.

Source: Section 7-80-104 — Powers, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-07.­pdf (accessed Oct. 20, 2023).

7–80–101
Short title
7–80–102
Definitions
7–80–103
Nature of business
7–80–104
Powers
7–80–105
Unauthorized assumption of powers
7–80–106
Transaction of business outside state
7–80–107
Application of corporation case law to set aside limited liability
7–80–108
Effect of operating agreement - nonwaivable provisions - statute of frauds
7–80–109
Construction of article
7–80–203
Formation
7–80–204
Articles of organization
7–80–207
Effect of filing of articles of organization
7–80–208
Notice of existence of limited liability company
7–80–209
Amendment of articles of organization
7–80–301
Limited liability companies - registered agents - service of process - periodic reports
7–80–401
Management of limited liability company
7–80–402
Designation of managers
7–80–403
Officers and other agents
7–80–404
Duties of members and managers
7–80–405
Members and managers as agents of the limited liability company
7–80–407
Reimbursement and indemnification of members and managers
7–80–408
Access to and confidentiality of information - records - accounting
7–80–501
Form of contribution
7–80–502
Liability for contributions
7–80–503
Sharing of profits and losses
7–80–504
Sharing of distributions
7–80–601
Interim distributions
7–80–602
Resignation of member
7–80–603
Interest of member upon resignation
7–80–604
Distribution in kind
7–80–605
Right to distribution
7–80–606
Limitations on distribution
7–80–701
Admission of members
7–80–702
Interest in limited liability company - transferability of interest
7–80–703
Rights of creditor against a member
7–80–704
Deceased or incompetent members who are individuals - dissolved or terminated members who are legal entities
7–80–705
Liability of members and managers
7–80–706
Voting
7–80–713
Derivative proceeding - standing - definitions
7–80–714
Derivative proceeding - demand
7–80–715
Stay of derivative proceeding
7–80–716
Dismissal of derivative proceeding
7–80–717
Discontinuance or settlement of derivative proceeding
7–80–718
Payment of expenses - derivative proceeding
7–80–719
Applicability of derivative proceeding to foreign limited liability companies
7–80–801
Dissolution - time and notice of dissolution
7–80–802
Statement of dissolution
7–80–803
Effect of dissolution
7–80–803.3
Right to wind up business
7–80–803.5
Manager’s or member’s power to bind limited liability company after dissolution
7–80–810
Judicial dissolution
7–80–811
Procedure for judicial dissolution
7–80–812
Receivership or custodianship
7–80–813
Decree of dissolution
7–80–901
Foreign limited liability companies
7–80–902
Registered agent - service of process
7–80–1101
Application to limited liability companies formed prior to July 1, 1994
Green check means up to date. Up to date

Current through Fall 2024

§ 7-80-104’s source at colorado​.gov