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Ark. Code Ann. § 4-32-401

Management

Known as the Small Business Entity Tax Pass Through Act

The act spans §§ 4–4 (91 sections).

Acts 1993, No. 1003, § 401; 1997, No. 479, § 6.

(1) With respect to persons other than members, management of the affairs of the limited liability company shall be governed by § 4-32-301.

(2) Unless otherwise provided in an operating agreement, with respect to members, management of the affairs of the limited liability company shall be governed by § 4-32-301.

(3) Unless otherwise provided in an operating agreement, managers: Shall be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of more than one-half (½) by number of the members;

(4) Need not be members of the limited liability company or natural persons; and

(5) Unless they are sooner removed or sooner resign, shall hold office until their successors shall have been elected and qualified.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.