Public-domain · open source

N.D. Cent. Code § 10-32.1-14

Operating agreement effect on a limited liability company and persons becoming members - Preformation agreement

Known as the North Dakota Uniform Limited Liability Company Act

The act spans §§ 10-32.1-01 to 10-32.1-99 (103 sections).

1. A limited liability company is bound by and may enforce the operating agreement, whether or not the company has itself manifested assent to the operating agreement.

2. A person that becomes a member of a limited liability company is deemed to assent to the operating agreement.

3. Two or more persons intending to become the initial members of a limited liability company may make an agreement providing that upon the formation of the company the agreement will become the operating agreement. One person intending to become the initial member of a limited liability company may assent to terms providing that upon the formation of the company the terms will become the operating agreement.

Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.