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Current as of December 31, 2021 | Updated by FindLaw Staff
(a) A person becomes a member of a limited liability company at:
(1) The time the limited liability company is formed;
(2) A later time specified in the operating agreement; or
(3) The time specified in § 4A-902(b) of this title relating to continuation of the limited liability company after there are no remaining members.
(b) After the formation of a limited liability company, a person may be admitted as a member:
(1) In the case of a person acquiring a membership interest directly from the limited liability company, upon compliance with the operating agreement or, if the operating agreement does not so provide, upon the unanimous consent of the members;
(2) In the case of an assignee of the economic interest of a member, only as provided in § 4A-604 of this subtitle; or
(3) In the case of a successor to the last remaining member who is not an assignee of the last remaining member, as provided in § 4A-902(b) of this title.
(c) Unless otherwise agreed, a person may be admitted as a member of a limited liability company and may be the sole member of a limited liability company without:
(1) Making a capital contribution to the limited liability company;
(2) Being obligated to make a capital contribution to the limited liability company; or
(3) Acquiring an economic interest in the limited liability company.
Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 4A-601 - last updated December 31, 2021 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-4a-601/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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