Membership in the LLC
A Wisconsin LLC must have at least one member. A member may be admitted to the LLC either when it is formed (by signing the initial operating agreement) or, after the LLC is formed, by complying with the operating agreement. Unless the operating agreement specifies differently, a unanimous vote of all the members is required to admit a new member. If the operating agreement does not address this situation, a unanimous vote of all members who are entitled to vote can also bring in someone new.
A member can acquire an interest in proportion to their contribution, or in some other manner set forth in the LLC’s operating agreement. Becoming a member usually requires a contribution of cash, property, services rendered to the LLC, or a promissory note or obligation to contribute one of these.
An LLC member can only resign as permitted in the certificate of organization or operating agreement. A member with an interest for no or nominal consideration may not resign from a LLC except in accordance with the operating agreement. An LLC may be able to pursue compensation from a former member whose resignation damaged the LLC.