Membership in the LLC
An LLC is required to have at least one member. Members must be either a natural person or a registered business entity. Members may become a member of or acquire an interest in the LLC when it is first started, when they acquire an interest in the LLC in accordance with the articles or operating agreement (or both), or upon consent of the majority of the members.
To join the LLC, the prospective member usually needs to make some kind of contribution-for example, pay cash or transfer property to the LLC-or undertake a binding obligation to do so.
A member can only resign from the LLC in a manner allowed by the articles of organization and/or the operating agreement. One or both of these documents will also usually state the minimum amount of time a member can maintain membership before being allowed to resign.
A member may voluntarily withdraw from the LLC when an event specified in the articles or operating agreement occurs, or after giving six months’ notice, unless the articles or operating agreement prohibit the member from doing so. A member may not resign from the LLC except in a way that’s in accord with the articles of organization and operating agreement.
A member may be liable for damages caused by a withdrawal not in accordance with the requirements in state law, the articles of operation, or the operating agreement.