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Section 450.4501 - Members; Admission; Liability for Acts, Debts, or Obligations. - Sec. 501. (1) A person may be admitted as a...
Section 450.4502 - Members; Voting Rights. - Sec. 502. (1) An operating agreement may establish and allocate...
Section 450.4503 - Members; Obtaining Certain Financial Statements and Tax Returns; Inspecting and Copying Records; Obtaining Other Information; Formal Accounting of Company's Affairs. - Sec. 503. (1) Upon written request of a member, a...
Section 450.4504 - Membership Interest as Personal Property. - Sec. 504. (1) A membership interest is personal property and...
Section 450.4505 - Membership Interest; Assignment; Liability of Assignee; Assignor as Member; Liability of Assignor Not Released. - Sec. 505. (1) Except as provided in an operating agreement,...
Section 450.4506 - Assignee of Membership Interest; Conditions for Membership; Rights and Powers; Liability for Obligations of Assignor. - Sec. 506. (1) Unless otherwise provided in an operating agreement,...
Section 450.4507 - Charging Membership Interest With Payment of Judgment; Rights of Judgment Creditor; Rights and Powers of Member; Charging Order as Lien on Membership Interest; Section as Exclusive Remedy. - Sec. 507. (1) If a court of competent jurisdiction receives...
Section 450.4508 - Encumbrance Against Membership Interest; Effect. - Sec. 508. Unless otherwise provided in an operating agreement, the...
Section 450.4509 - Withdrawal of Member; Distribution; Expulsion. - Sec. 509. (1) A member may withdraw from a limited...
Section 450.4510 - Commencement and Maintenance of Civil Suit by Company; Conditions. - Sec. 510. A member may commence and maintain a civil...
Section 450.4511 - Investigation of Allegations; Stay of Derivative Proceeding. - Sec. 511. If the limited liability company commences an investigation...
Section 450.4512 - Dismissal of Derivative Proceeding; Findings; Burden of Proof; Determination; “Disinterested” Defined. - Sec. 512. (1) The court shall dismiss a derivative proceeding...
Section 450.4513 - Discontinued or Settled Derivative Proceeding; Court Approval Required; Notice; Expense. - Sec. 513. A derivative proceeding may not be discontinued or...
Section 450.4514 - Termination of Derivative Proceeding; Court Order. - Sec. 514. If a derivative proceeding is terminated, the court...
Section 450.4515 - Action in Circuit Court; Grounds; Order or Grant of Relief; “Willfully Unfair and Oppressive Conduct” Defined. - Sec. 515. (1) A member of a limited liability company...