275.275 Admission to membership in company.
172 words·~1 min read·
/ky/chapter-275/275-275A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Subject to subsection
(2)of this section, a person may become a member in a
limited liability company:
(a)In the case of the person acquiring a limited liability company interest directly
from a 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
(b)In the case of an assignee of the limited liability company interest, as provided
in KRS 275.255 and 275.265.
(2)The effective time of admission of a member to a limited liability company shall be
the later of:
(a)The date the limited liability company is formed;
(b)The time provided in the operating agreement or, if no time is provided, when
the person's admission is reflected in the records of the limited liability
company; or
(c)The time the member is admitted under KRS 275.285(4).
(3)Upon becoming a member in a limited liability company, the member is bound by
and a party to the operating agreement.