§1551. Admission of a member
1. In connection with formation. In connection with the formation of a limited liability company, a person is admitted as a member of the limited liability company upon the later of:
A. The formation of the limited liability company; and [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
B. The time provided in and upon compliance with the limited liability company agreement or, if the limited liability company agreement does not so provide, when the person's admission is reflected in the records of the limited liability company. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
[PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
2. After formation. After formation of a limited liability company, a person is admitted as a member of the limited liability company:
A. As provided in the limited liability company agreement; [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
B. As the result of a transaction effective under subchapter 12; [PL 2011, c. 113, Pt. A, §10 (AMD).]
C. With the consent of all the members; or [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
D. If, within 90 consecutive days after the limited liability company ceases to have any members:
(1) All holders of the transferable interest last transferred by the last person to have been a member consent to the designation of a person to be admitted as a member; and
(2) The designated person consents to be admitted as a member effective as of the date the last person to have been a member ceased to be a member. [PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
[PL 2011, c. 113, Pt. A, §10 (AMD).]
3. Admission without transferable interest or contribution. 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.
[PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
SECTION HISTORY
PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF). PL 2011, c. 113, Pt. A, §10 (AMD).
Structure Maine Revised Statutes
TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 21: LIMITED LIABILITY COMPANIES
Subchapter 5: RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY
31 §1551. Admission of a member
31 §1552. Form of contribution
31 §1553. Liability for contributions
31 §1554. Sharing of and right to distributions
31 §1555. Limitations on distribution and liability for improper distributions
31 §1556. Activities and affairs of limited liability company
31 §1557. Indemnification, advancement, reimbursement and insurance
31 §1558. Right of members and dissociated members to information
31 §1559. Duties of members and other persons
31 §1560. Nature of professional limited liability company business