48-2c-702 - Initial members.
48-2c-702. Initial members.
(1) In connection with the formation of a company, a person becomes a member of thecompany upon the earliest to occur of the following:
(a) when the person signs the articles of organization as a member;
(b) when the person signs the operating agreement as a member; or
(c) when:
(i) the person evidences the intent to become a member, either orally, in writing, or byother action such as transferring property or paying money to the company for an interest in thecompany; and
(ii) the person's admission as a member is reflected in the records of the company or isotherwise acknowledged by the company.
(2) Notwithstanding Subsection (1), a person may not become a member of a companyprior to formation of the company.
Amended by Chapter 141, 2005 General Session