§ 23-18-6-1 — Acquisition of membership

(a) Subject to subsection (b), a person may
become a member in a limited liability company:
(1) in the case of a person acquiring an interest directly from the
limited liability company, upon compliance with the operating
agreement or if the operating agreement does not provide in
writing, upon the written consent of all members; and
(2) in the case of an assignee of an interest, as provided in section
4 or 4.1 of this chapter.
(b) The effective time of admission of a member to a limited
liability company is the later of the following:
(1) The date the limited liability company is organized.
(2) The time provided in the operating agreement, or if no time is
provided, when the person's admission is reflected in the records
of the limited liability company.

Legislative History

As added by P.L.8-1993, SEC.301. Amended by P.L.269-1999, SEC.6.