Public-domain · open source
OpenJurist

Ark. Code Ann. § 4-32-801

Admission of members

Known as the Small Business Entity Tax Pass Through Act

The act spans §§ 4–4 (91 sections).

Acts 1993, No. 1003, § 801.

(1) Subject to subsection (b) of this section, a person may become a member in a limited liability company: 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) In the case of an assignee of a limited liability company interest, as provided in § 4-32-706.

(3) The effective time of admission of a member to a limited liability company shall be the later of: The date the limited liability company is formed; or

(4) 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.

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.