Kentucky Statutes 275.275 – Admission to membership in company
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(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 KRS § 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.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 81, sec. 108, effective July 12, 2012. — Amended
2011 Ky. Acts ch. 29, sec. 14, effective June 8, 2011. — Created 1994 Ky. Acts ch.
389, sec. 55, effective July 15, 1994.
(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
Terms Used In Kentucky Statutes 275.275
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- members: means a person or persons who have been admitted to membership in a limited liability company as provided in KRS §. See Kentucky Statutes 275.015
- Operating agreement: means any agreement, written or oral, among all of the members, as to the conduct of the business and affairs of a limited liability company. See Kentucky Statutes 275.015
- Person: means an individual, a partnership, a domestic or foreign limited liability company, a trust, an estate, an association, a corporation, or any other legal entity. See Kentucky Statutes 275.015
(b) In the case of an assignee of the limited liability company interest, as provided in KRS § 275.255 and KRS § 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.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 81, sec. 108, effective July 12, 2012. — Amended
2011 Ky. Acts ch. 29, sec. 14, effective June 8, 2011. — Created 1994 Ky. Acts ch.
389, sec. 55, effective July 15, 1994.