Section 10A-5A-4.01 - Admission of members(a) The initial member or members of a limited liability company are admitted as a member or members upon the formation of the limited liability company.(b) After formation of a limited liability company, a person is admitted as a member of the limited liability company: (1) as provided in the limited liability company agreement;(2) as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1;(3) with the consent of all the members; or(4) as provided in Section 10A-5A-7.01(c)(1) or (c)(2).(c) A person may be admitted as a member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company. A person may be admitted as the sole member without acquiring a transferable interest and without making or being obligated to make a contribution to the limited liability company.Ala. Code § 10A-5A-4.01 (1975)
Amended by Act 2020-73,§ 10, eff. 1/1/2021.Amended by Act 2016-379,§ 4, eff. 1/1/2017.Added by Act 2014-144,§ 1, eff. 1/1/2015.