Delaware Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability

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This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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FAQ

§§ 18-703. Member's limited liability company interest subject to charging order. (a) On application by a judgment creditor of a member or of a member's assignee, a court having jurisdiction may charge the limited liability company interest of the judgment debtor to satisfy the judgment.

A limited liability company shall not make a distribution to a member to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the limited liability company, other than liabilities to members on account of their limited liability company interests and liabilities ...

Unless otherwise provided in a limited liability company agreement, the management of a limited liability company shall be vested in its members in proportion to the then current percentage or other interest of members in the profits of the limited liability company owned by all of the members, the decision of members ...

Delaware LLC Act § 18-702(a). The Act also provides that unless the LLC agreement provides otherwise, "[a]n assignment of a limited liability company interest does not entitle the assignee to become or to exercise any rights or powers of a member." Delaware LLC Act § 18-702(b)(1).

If a member who is an individual dies or a court of competent jurisdiction adjudges the member to be incompetent to manage the member's person or property, the member's personal representative may exercise all of the member's rights for the purpose of settling the member's estate or administering the member's property, ...

Registered series of members, managers, limited liability company interests or assets [Effective Aug. 1, 2019]. (a) If a limited liability company agreement provides for the establishment or formation of 1 or more series, then a registered series may be formed by complying with this § 18-218.

Section 228 rules that unless otherwise described in a company's certificate of incorporation, shareholders have the right to proceed with any action that would typically be done at a meeting of shareholders, but are not required to have a meeting, give prior notice or hold a vote.

§§ 18-603. Resignation of member. A member may resign from a limited liability company only at the time or upon the happening of events specified in a limited liability company agreement and in ance with the limited liability company agreement.

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Delaware Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability