Indiana § 23-18-6-5 Cessation of membership

Indiana Statutes

§ 23-18-6-5 — Cessation of membership

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 18 LIMITED LIABILITY COMPANIES·Ch. 6 Membership

(a)A person ceases to be a member of a limited liability company upon the occurrence of any of the following events:

(1)The person withdraws from the limited liability company as provided in section 6 of this chapter.

(2)The person ceases to be a member as provided in section 4(h) or 4.1(h) of this chapter.

(3)The person is removed as a member:

(A)in accordance with the operating agreement; or

(B)unless otherwise provided in a written operating agreement, by the affirmative vote, approval, or consent of a majority in interest of the members after the member has assigned the member's entire interest in the limited liability company.

(4)Unless otherwise provided in a written operating agreement or with the written consent of all other members, in the case of a member who is an individ

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(a) A person ceases to be a member of a limited
liability company upon the occurrence of any of the following events:
(1) The person withdraws from the limited liability company as
provided in section 6 of this chapter.
(2) The person ceases to be a member as provided in section 4(h)
or 4.1(h) of this chapter.
(3) The person is removed as a member:
(A) in accordance with the operating agreement; or
(B) unless otherwise provided in a written operating agreement,
by the affirmative vote, approval, or consent of a majority in
interest of the members after the member has assigned the
member's entire interest in the limited liability company.
(4) Unless otherwise provided in a written operating agreement or
with the written consent of all other members, in the case of a
member who is an individual, the individual's death.
(5) Unless otherwise provided in a written operating agreement or
with the written consent of all other members, in the case of a
member who is acting as a member by virtue of being a trustee of
a trust, the termination of the trust, but not merely the substitution
of a new trustee.
(6) Unless otherwise provided in a written operating agreement or
with the written consent of all other members, in the case of a
member that is a partnership, limited partnership, or another
limited liability company, the dissolution and commencement of
winding up of the partnership, limited partnership, or limited
liability company.
(7) Unless otherwise provided in a written operating agreement or
with the written consent of all other members, in the case of a
member that is a corporation, the dissolution of the corporation.
(8) Unless otherwise provided in a written operating agreement or
with the written consent of all other members, in the case of a
member that is an estate, the distribution by the fiduciary of the
estate's entire interest in the limited liability company.
(b) A written operating agreement may provide for other events that
result in a person ceasing to be a member of the limited liability
company, including insolvency, bankruptcy, and adjudicated
incompetency.