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§ 4A-601. Conditions for admission as member

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2020

West's Annotated Code of Maryland
Corporations and Associations
Title 4a. Limited Liability Company Act (Refs & Annos)
Subtitle 6. Membership
Effective: October 1, 2020
MD Code, Corporations and Associations, § 4A-601
§ 4A-601. Conditions for admission as member
When person admitted as member
(a) A person becomes a member of a limited liability company at:
(1) The time the limited liability company is formed;
(2) A later time specified in the operating agreement; or
(3) The time specified in § 4A-902(b) of this title relating to continuation of the limited liability company after there are no remaining members.
Subsequent admission
(b) After the formation of a limited liability company, a person may be admitted as a member:
(1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members;
(2) In the case of an assignee of the economic interest of a member, only as provided in § 4A-604 of this subtitle; or
(3) In the case of a successor to the last remaining member who is not an assignee of the last remaining member, as provided in § 4A-902(b) of this title.
Admission without contribution or interest
(c) Unless otherwise agreed, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without:
(1) Making a capital contribution to the limited liability company;
(2) Being obligated to make a capital contribution to the limited liability company; or
(3) Acquiring an economic interest in the limited liability company.

Credits

Added by Acts 1992, c. 536. Amended by Acts 2002, c. 514, § 1, eff. Oct. 1, 2002; Acts 2011, c. 597, § 1, eff. June 1, 2011; Acts 2012, c. 599, § 1, eff. Oct. 1, 2012; Acts 2012, c. 600, § 1, eff. Oct. 1, 2012; Acts 2013, c. 42, § 1, eff. April 9, 2013; Acts 2020, c. 400, § 1, eff. Oct. 1, 2020; Acts 2020, c. 401, § 1, eff. Oct. 1, 2020.
MD Code, Corporations and Associations, § 4A-601, MD CORP & ASSNS § 4A-601
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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