TITLE 30

CORPORATIONS

CHAPTER 25

LIMITED LIABILITY COMPANIES

PART 4

RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY

30-25-401.  BECOMING MEMBER. (a)  If a limited liability company is to have only one (1) member upon formation, the person becomes a member as agreed by that person and the organizer of the company. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behalf of the initial member.

(b)  If a limited liability company is to have more than one (1) member upon formation, those persons become members as agreed by the persons before the formation of the company. The organizer acts on behalf of the persons in forming the company and may be, but need not be, one (1) of the persons.

(c)  After formation of a limited liability company, a person becomes a member:

(1)  As provided in the operating agreement;

(2)  As the result of a transaction effective under chapter 22, title 30, Idaho Code;

(3)  With the affirmative vote or consent of all the members; or

(4)  As provided in section 30-25-701(a)(3), Idaho Code.

(d)  A person may become a member without:

(1)  Acquiring a transferable interest; or

(2)  Making or being obligated to make a contribution to the limited liability company.

History:

[30-25-401, added 2015, ch. 243, sec. 46, p. 880.]