New Jersey Statutes 42:2C-12. Operating agreement; effect on limited liability company and persons becoming members; preformation agreement
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Terms Used In New Jersey Statutes 42:2C-12
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
12. Operating Agreement; Effect on Limited Liability Company and Persons Becoming Members; Preformation Agreement.
a. A limited liability company is bound by and may enforce the operating agreement, whether or not the company has itself manifested assent to the operating agreement.
b. A person that becomes a member of a limited liability company is deemed to assent to the operating agreement.
c. Two or more persons intending to become the initial members of a limited liability company may make an agreement providing that upon the formation of the company the agreement will become the operating agreement. One person intending to become the initial member of a limited liability company may assent to terms providing that upon the formation of the company the terms will become the operating agreement.
L.2012, c.50, s.12.