(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 § 4-38-1001 et seq.;(3) with the affirmative vote or consent of all the members; or(4) as provided in § 4-38-701(a)(3).(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.Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.
Arkansas Legal Code