Indiana § 23-18-4-5 Operating agreements; objectives

Indiana Statutes

§ 23-18-4-5 — Operating agreements; objectives

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 18 LIMITED LIABILITY COMPANIES·Ch. 4 Rights and Duties of Members and Managers

Members may enter into an operating agreement to regulate or establish any aspect of the affairs of the limited liability company or the relations of the members and managers, if any, including provisions establishing the following:

(1)The manner in which the business and affairs of the limited liability company shall be managed, controlled, and operated, which may include the granting of exclusive authority to manage, control, and operate the limited liability company to managers who are not members.

(2)The manner in which the members will share in distributions of the assets and the profits or losses of the limited liability company.

(3)The rights of members to assign all or a portion of their interests in the limited liability company.

(4)Classes or groups of at least one (1) member

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

Members may enter into an operating
agreement to regulate or establish any aspect of the affairs of the
limited liability company or the relations of the members and
managers, if any, including provisions establishing the following:
(1) The manner in which the business and affairs of the limited
liability company shall be managed, controlled, and operated,
which may include the granting of exclusive authority to manage,
control, and operate the limited liability company to managers
who are not members.
(2) The manner in which the members will share in distributions
of the assets and the profits or losses of the limited liability
company.
(3) The rights of members to assign all or a portion of their
interests in the limited liability company.
(4) Classes or groups of at least one (1) member having certain
relative rights, powers, and duties, including voting rights, and
may provide for the future creation, in the manner provided in the
operating agreement, of additional classes or groups of members
having certain relative rights, powers, or duties, including voting
rights, expressed either in the operating agreement or at the time
the classes or groups are created, including rights, powers, or
duties senior to those of at least one (1) existing class or group of
members.
(5) Classes or groups of at least one (1) manager having certain
relative rights, powers, and duties, including voting rights, and
may provide for the future creation, in the manner provided in the
operating agreement, of additional classes or groups of managers
having certain relative rights, powers, or duties, including voting
rights, expressed either in the operating agreement or at the time
the classes or groups are created, including rights, powers, or
duties senior to those of at least one (1) existing class or group of
managers.
(6) The circumstances in which an assignee of a member's interest
may be admitted as a member of the limited liability company.
(7) The procedure for the following:
(A) The right to have a member's interest in the limited liability
company evidenced by a certificate issued by the limited
liability company.
(B) Assignment, pledge, or transfer of an interest represented
by the certificate.
(C) Any other provisions dealing with the certificate.
(8) The method by which the operating agreement may be
amended.