Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-5A-4.01.htm |
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Depth: | 0 singles |
Size: | 1,392 bytes |
Modified: | 2020-12-29 08:14:22 |
Categories: | -None- |
Title: | 10A-5A-4.01 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-5A-4.01 Admission of members. (a) The initial member or members of a limited liability company are admitted as a member or members upon the formation of the limited liability company. (b) After formation of a limited liability company, a person is admitted as a member of the limited liability company: (1) as provided in the limited liability company agreement; (2) as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1; (3) with the consent of all the members; or (4) as provided in Section 10A-5A-7.01(c)(1) or (c)(2). (c) A person may be admitted as a member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company. A person may be admitted as the sole member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company. (Act 2014-144, p. 265, §1; Act 2016-379, p. 934, §4; Act 2020-73, §10.) |