Iowa Code § 489.401
Becoming member
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. If a limited liability company is to have only one member upon formation, a person becomes the member as agreed by that person and the organizer of the company or a majority of organizers if more than one. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial member.
1. If a limited liability company is to have only one member upon formation, the person becomes a member as agreed by that person and the organizer of the company. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial member.
2. If a limited liability company is to have more than one member upon formation, those persons become members as agreed by the persons before the formation of the company. The organizer acts on behalf of the persons in forming the company and may be, but need not be, one of the persons.
2. If a limited liability company is to have more than one member upon formation, those persons become members as agreed by the persons before the formation of the company. The organizer acts on behalf of the persons in forming the company and may be, but need not be, one of the persons.
3. If a limited liability company has no members upon formation, a person becomes a member of the limited liability company with the consent of the organizer or a majority of the organizers if more than one. The organizers may consent to more than one person simultaneously becoming the company’s initial members.
3. After formation of a limited liability company, a person becomes a member according to any of the following:
a. As provided in the operating agreement.
a. As provided in the operating agreement.
b. As the result of a transaction effective under article 10.
b. As the result of a transaction effective under subchapter X.
c. With the consent of all the members.
c. With the affirmative vote or consent of all the members.
d. If, within ninety consecutive days after the company ceases to have any members, all of the following occur:
(1) The last person to have been a member, or the legal representative of that person, designates a person to become a member.
(2) The designated person consents to become a member.
d. As provided in section 489.701, subsection 1, paragraph “c”.
4. A person may become a member without any of the following:
a. Acquiring a transferable interest.
b. Making or being obligated to make a contribution to the limited liability company.
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.