Section 20: Admission as member of limited liability company
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/ma/part-i/title-xxii/chapter-156c/20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 20.
(a)In connection with the formation of a limited liability company, a person acquiring a limited liability company interest is admitted as a member of the limited liability company upon the later to occur of:
(1)the formation of the limited liability company; or
(2)the time provided in and upon compliance with the operating agreement or, if the operating agreement does not so provide, when the person's admission is reflected in the records of the limited liability company.
(b)After the formation of a limited liability company, a person acquiring a limited liability company interest is admitted as a member of the limited liability company:
(1)in the case of a person acquiring a limited liability company interest directly from the limited liability company, at the time provided in and upon compliance with a written operating agreement or, if a written operating agreement does not so provide, upon the consent of all members; or
(2)in the case of an assignee of a limited liability company interest, as provided in section forty-one.
(c)A person may be admitted to a limited liability company as a member and may receive an interest in the limited liability company without making a contribution or being obligated to make a contribution to the limited liability company.