Management of limited liability company.

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(1) Except as provided in subsection (2) of this section, decisions with respect to a limited liability company shall be made by a majority of the members or, if the limited liability company has one or more managers, by a majority of the managers.

(2) The consent of each member is necessary to:

  1. Amend the articles of organization;

  2. Amend the operating agreement; and

  3. Authorize an act of the limited liability company that is not in the ordinary course ofthe business of the limited liability company.

(3) A person or persons who will be admitted as a member or members pursuant to section 7-80-701 (2) may, by unanimous consent, amend the operating agreement to be effective immediately before the admission of the person or persons.

Source: L. 2004: Entire part R&RE, p. 938, § 6, effective July 1. L. 2006: (1) amended and (3) added, p. 857, § 21, effective July 1.

Editor's note: This section is similar to former § 7-80-401 as it existed prior to 2004.


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