§ 7-80-501 — Form of contribution

The contribution of a member may be in
cash, property, or services rendered or a promissory note or other obligation to
contribute cash or property or to perform services. A person may be admitted to a
limited liability company as a member of the limited liability company and may
receive a membership interest in the limited liability company without making a
contribution or being obligated to make a contribution to the limited liability
company. Unless otherwise provided in the operating agreement, a person may be
admitted to a limited liability company as a member of the limited liability company
without acquiring a membership interest in the limited liability company. Unless
otherwise provided in the operating agreement, a person may be admitted as the
sole member of a limited liability company without making a contribution or being
obligated to make a contribution to the limited liability company or without
acquiring a membership interest in the limited liability company.

Legislative History

Source: L. 90: Entire article added, p. 431, � 1, effective April 18. L. 2004: Entire section amended, p. 942, � 7, effective July 1. L. 2005: Entire section amended, p. 1203, � 3, effective October 1.