Arkansas § 4-38-401 Becoming member

Arkansas Statutes

§ 4-38-401 — Becoming member

(a)If a limited liability company is to have only one member upon formation, the person becomes a member as agreed by that person and the organizer of the company. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial member.

(b)If a limited liability company is to have more than one member upon formation, those persons become members as agreed by the persons before the formation of the company. The organizer acts on behalf of the persons in forming the company and may be, but need not be, one of the persons.

(c)After formation of a limited liability company, a person becomes a member:

(1)as provided in the operating agreement;

(2)as the result of a transaction effective under § 4-38-1001 et seq.;

(3)with t

Free access — add to your briefcase to read the full text and ask questions with AI

(a) If a limited liability company is to have only one member upon formation, the person becomes a member as agreed by that person and the organizer of the company. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial member. (b) If a limited liability company is to have more than one member upon formation, those persons become members as agreed by the persons before the formation of the company. The organizer acts on behalf of the persons in forming the company and may be, but need not be, one of the persons. (c) After formation of a limited liability company, a person becomes a member: (1) as provided in the operating agreement; (2) as the result of a transaction effective under § 4-38-1001 et seq.; (3) with the affirmative vote or consent of all the members; or (4) as provided in § 4-38-701(a)(3) . (d) A person may become a member without: (1) acquiring a transferable interest; or (2) making or being obligated to make a contribution to the limited liability company.

Arkansas § 4-38-401 (Becoming member) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.