New Jersey Statutes 42:2C-31. Becoming a member
Terms Used In New Jersey Statutes 42:2C-31
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
a. If a limited liability company is to have only one 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 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 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 Article 10 (sections 73 through 87 of this act);
(3) with the consent of all the members; or
(4) if, within 90 consecutive days after the company ceases to have any members:
(a) the last person to have been a member, or the legal representative of that person, designates a person to become a member; and
(b) the designated person consents to become a member.
d. A person may become a member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company.
L.2012, c.50, s.31.