Article VI. Members Revised
6.30.420 Admission of Members.
(1) A person may be admitted as a member of a limited liability company in connection with the formation of the limited liability company by operating agreement or articles of organization.
(2) A person may be admitted as a member of a limited liability company after the formation of the limited liability company in any of the following ways:
(a) If the person is acquiring a membership interest directly from the limited liability company by complying with the provisions of an operating agreement prescribing the requirements for admission or, in the absence of provisions prescribing the requirements for admission in an operating agreement, upon the unanimous vote of the members entitled to vote.
(b) If the person is an assignee of a membership interest.
(c) If the person is becoming a member of a surviving limited liability company as the result of a merger or conversion approved under this chapter, as provided in the plan of merger or plan of conversion.
(3) A limited liability company may admit a person as a member that does not make a contribution or incur an obligation to make a contribution to the limited liability company.
(4) Unless otherwise provided by law or in an operating agreement, a person that is a member or manager, or both, of a limited liability company is not liable for the acts, debts, or obligations of the limited liability company. [Res. 2023-10-019 § 1, 2023.]