The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY
(Cite as: 11 V.S.A. § 4051)
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§ 4051. Becoming a member
(a) If a limited liability company is to have only one member upon formation, the person
becomes a member as agreed by that person and the organizer of the company. That person
and the organizer may be, but need not be, different persons. If different, the organizer
acts on behalf of the initial member.
(b) If a limited liability company is to have more than one member upon formation, those
persons become members as agreed by the persons before the formation of the company.
The organizer acts on behalf of the persons in forming the company and may be, but
need not be, one of the persons.
(c) If articles of organization filed with the Secretary of State contain the statement
required by subdivision 4023(a)(5) of this title, a person becomes an initial member of the limited liability company with the consent
of a majority of the organizers. The organizers may consent to more than one person
simultaneously becoming the company’s initial members.
(d) After formation of a limited liability company, a person becomes a member:
(1) as provided in the operating agreement;
(2) as the result of a transaction effective under subchapter 10 of this chapter;
(3) with the affirmative vote or consent of all the members; or
(4) if, within 90 consecutive days after the company ceases to have any members:
(A) the last person to have been a member or the legal representative of that person designates
a person to become a member; and
(B) the designated person consents to become a member.
(e) A person may become a member without acquiring a distributional interest and without
making or being obligated to make a contribution to the limited liability company. (Added 2015, No. 17, § 2.)