Multiple Members Sample Clauses
Multiple Members. After a new Member is admitted and the Company changes to a multiple-member limited liability company:
8.2.1 Meetings of Members may be called by Members holding a majority of the interests in the Company;
8.2.2 At least two (2) days’ notice of all meetings of Members shall be given by the Members authorized to call meetings;
8.2.3 Members may participate in any meeting by, or conduct the meeting through the use of, any means of communication by which all Members participating may simultaneously hear each other during the meeting. A Member participating in a meeting by this means is deemed to be present in person at the meeting;
8.2.4 The presence of Members holding a majority of the interests in the Company shall constitute a quorum for a meeting of Members; and
8.2.5 Except as otherwise provided herein or in the Act, the act of Members holding a majority of the interests in the Company at a meeting at which a quorum is present shall be required to take action on any matter where a vote of Members is required.
8.2.6 Any action required by law or permitted to be taken at any meeting of the Members may be taken without a meeting if written consent, setting forth the action so taken, shall be signed by Members holding a majority of interests in the Company. Such consent shall have the same force and effect as a vote of Members holding a majority of interests in the Company and shall be filed with the Secretary and recorded in the Minute Book of the Company.
Multiple Members. A. All signing Members are considered joint and severally liable for damages incurred in breach of the Agreement.
Multiple Members. If your LLC has multiple members, there are several reasons why you would want to have an operating agreement. The operating agreement will list the percentages of ownership, a member’s initial contribution to the business, and the roles the members take in business operations. The operating agreement will determine how profits and losses will be distributed. It will also determine how decisions are made, whether it is the day to day management of the LLC or larger decisions that require a majority vote or unanimous consent of all of the
Multiple Members. In the event an additional Member is admitted as such to the Company, the parties hereto agree that this Agreement shall be amended and restated to address the allocations of the Net Profits and Net Losses, and distributions of the Distributable Cash, among the various Members. The provisions governing such allocations and distributions shall be drafted so as to comply with Section 704(b) of the Code and the accompanying regulations.
Multiple Members. If the Company has at least two (2) members, then a member may Transfer all or any portion of its Interest to another Person at any time. If such member Transfers its entire Interest to another Person and such Person is admitted as an Additional Member of the Company in accordance with Section 3.05, the Member shall cease to be a Member and shall not have any power to exercise any rights of a Member.