Admission of members

  1. Law
  2. Arkansas Code
  3. Business and Commercial Law
  4. Corporations and Associations
  5. Small Business Entity Tax Pass Through Act
  6. Admission and Withdrawal of Members
  7. Admission of members

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  1. (a) Subject to subsection (b) of this section, a person may become a member in a limited liability company:

    1. (1) In the case of a person acquiring a limited liability company interest directly from the limited liability company, upon compliance with an operating agreement or, if an operating agreement does not so provide in writing, upon the written consent of all members; and

    2. (2) In the case of an assignee of a limited liability company interest, as provided in § 4-32-706.

  2. (b) The effective time of admission of a member to a limited liability company shall be the later of:

    1. (1) The date the limited liability company is formed; or

    2. (2) The time provided in an operating agreement or, if no such time is provided therein, then when the person's admission is reflected in the records of the limited liability company.


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