Membership in the LLC
An LLC must have at least one member. Members may acquire an interest in the LLC directly when it is being formed. After formation, prospective members can acquire an interest in accordance with the LLC’s articles of organization or operating agreement (or, if the articles of organization or the operating agreement do not specify a procedure, on the written consent of all members).
The contributions of a member to the LLC may consist of cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services.
A member always has the power-although not necessarily the right-to terminate his membership by resigning or retiring at any time. An LLC member may not resign except in accordance with the operating agreement or articles of organization. If a member does resign or withdraw in a manner that violates the rules set forth in those documents, the amount payable to the member from his or her contributions may be reduced by the amount of the damages to the LLC resulting from the violation, and the LLC may defer payment for as long as necessary to prevent unreasonable hardship to the organization.
Unless otherwise stated in the articles of organization or operating agreement, managers are elected or removed-and manager vacancies are filled-by members, using normal membership voting rules.