(a) The initial member or members of a limited liability company are admitted as a member or members upon the formation of the limited liability company.
(b) After formation of a limited liability company, a person is admitted as a member of the limited liability company:
(1) as provided in the limited liability company agreement;
(2) as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1;
(3) with the consent of all the members; or
(4) as provided in Section 10A-5A-7.01(c)(1) or (c)(2).
(c) A person may be admitted as a member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company. A person may be admitted as the sole member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 5A - Alabama Limited Liability Company Law of 2014.
Article 4 - Relations of Members to Each Other and to the Limited Liability Company.
Section 10A-5A-4.01 - Admission of Members.
Section 10A-5A-4.02 - Limited Liability Company Property.
Section 10A-5A-4.03 - Contribution.
Section 10A-5A-4.04 - Liability for Contribution.
Section 10A-5A-4.05 - Sharing of and Right to Distributions Before Dissolution.
Section 10A-5A-4.06 - Limitation on Distributions and Liability for Improper Distributions.
Section 10A-5A-4.07 - Direction and Oversight of the Limited Liability Company.
Section 10A-5A-4.08 - Duties of Persons With Direction and Oversight.
Section 10A-5A-4.09 - Records to Be Kept; Right of Members and Dissociated Members to Information.
Section 10A-5A-4.10 - Indemnification, Advancement, Reimbursement, and Insurance.