Illinois Compiled Statutes 805 ILCS 180/10-1 – Admission of members
Current as of: 2024 | Check for updates
|
Other versions
(a) A person becomes a member of a limited liability company:
(1) upon formation of the company, as provided in an
(1) upon formation of the company, as provided in an
|
agreement between the organizer and the initial member if there is only one member, or as provided in an agreement among initial members if there is more than one member;
|
(2) after the formation of the company,
(A) as provided in the operating agreement;
(B) as the result of a transaction effective
(A) as provided in the operating agreement;
(B) as the result of a transaction effective
|
under Article 37;
|
(C) with the consent of all the members; or
(D) if, within 180 consecutive days after the
(D) if, within 180 consecutive days after the
|
company ceases to have any members:
|
(i) the last person to have been a member,
|
or the legal representative of that person, designates a person to become a member; and
|
(ii) the designated person consents to
|
become a member.
|
More than one person may be designated to become
|
a member under this clause (D).
|
(b) A person that acquires a distributional interest, but that does not become a member, has merely the rights of a transferee under Sections 30-5 and 30-10.
(c) A person may become a member without acquiring a distributional interest and without making or being obligated to make a contribution to the limited liability company.
(c) A person may become a member without acquiring a distributional interest and without making or being obligated to make a contribution to the limited liability company.