The exclusive right to use a specified name for a domestic or foreign limited liability company may be reserved by: A person who intends to organize a domestic limited liability company; A domestic limited liability company that proposes to change its name; A foreign limited liability company that intends to register to do business in this State; or A foreign limited liability company registered to do business in this State that proposes to change its name. A person may reserve a specified name by filing a signed application with the Department. If the Department finds that the name is available for use by a limited liability company, the Department shall reserve the name for 30 days for the exclusive use of the applicant. The exclusive right to use a reserved name may be transferred to another person by filing with the Department a notice of the transfer which specifies the name and address of the transferee and is signed by the applicant for whom the name was reserved.