Ky. Rev. Stat. § 275.275

Current through Acts Received April 18, 2024
Section 275.275 - Admission to membership in company
(1) Subject to subsection (2) of this section, a person may become a member in a limited liability company:
(a) In the case of the person acquiring a limited liability company interest directly from a limited liability company, upon compliance with an operating agreement or, if an operating agreement does not so provide in writing, upon the written consent of all members; and
(b) In the case of an assignee of the limited liability company interest, as provided in KRS 275.255 and 275.265.
(2) The effective time of admission of a member to a limited liability company shall be the later of:
(a) The date the limited liability company is formed;
(b) The time provided in the operating agreement or, if no time is provided, when the person's admission is reflected in the records of the limited liability company; or
(c) The time the member is admitted under KRS 275.285(4).
(3) Upon becoming a member in a limited liability company, the member is bound by and a party to the operating agreement.

KRS 275.275

Amended by 2012 Ky. Acts ch. 81,§ 108, eff. 7/11/2012.
Amended 2011, Ky. Acts ch. 29, sec. 14, effective 6/8/2011. -- Created 1994 Ky. Acts ch. 389, sec. 55, effective 7/15/1994.