§18-2022. Liability solely as manager or member.
A person who is a member or manager, or both, of a limited liability company is not liable for the obligations of a limited liability company solely by reason of being such member or manager or both. Added by Laws 1992, c. 148, § 23, eff. Sept. 1, 1992.
§18-2023. Contribution of member – Form.
The contribution of a member to a limited liability company may be in cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services. A person may be admitted to a limited liability company as a member of the limited liability company and may receive […]
§18-2024. Performance of obligations – Compromise – Remedies for failure to perform.
A. 1. Except as otherwise provided in the articles of organization or the operating agreement, a member is obligated to the limited liability company to perform any written promise to contribute cash or property or to perform services, even if he is unable to perform because of death, disability or other reason. 2. If a […]
§18-2025. Profits and losses – Distributions.
PROFITS AND LOSSES; DISTRIBUTIONS Except as otherwise provided in the operating agreement: 1. The profits and losses of a limited liability company shall be allocated among the members, and among classes or groups of members, on the basis of the agreed value, as stated in the records of the limited liability company, of the contributions […]
§18-2026. Distributions – Time.
Except as otherwise provided in this act, a member is entitled to receive distributions from a limited liability company before the dissolution and winding up of the limited liability company to the extent and at the times upon which the members agree or as provided in the operating agreement. Added by Laws 1992, c. 148, […]
§18-2028. Distribution – Cash – Asset in kind.
Except as otherwise provided in the operating agreement: 1. A member, regardless of the nature of the member’s contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash; and 2. No member may be compelled to accept from a limited liability company a distribution […]
§18-2013. Managers – Qualifications – Powers.
A. Except as otherwise provided in the articles of organization, operating agreement, or this act, a limited liability company shall be managed by or under the authority of one or more managers who may but need not be members. B. The articles of organization or operating agreement may prescribe qualifications for managers. C. The number […]
§18-2014. Managers – Election – Removal – Resignation.
MANAGERS – ELECTION – REMOVAL – RESIGNATION Unless otherwise provided in the articles of organization or operating agreement: 1. The election of managers shall be by majority vote of the members; 2. Any or all managers may be removed, with or without cause, by the written consent of the members; and 3. A manager may […]
§18-2001. Definitions.
DEFINITIONS As used in the Oklahoma Limited Liability Company Act, unless the context otherwise requires: 1. “Articles of organization” means documents filed for the purpose of forming a limited liability company, and the articles as amended; 2. “Bankrupt” means bankrupt under the United States Bankruptcy Code, as amended, or insolvent under any state insolvency act; […]
§18-2015. Management of company without designated managers – Resignation of member.
MANAGEMENT OF COMPANY WITHOUT DESIGNATED MANAGERS; RESIGNATION OF MEMBER A. The articles of organization or operating agreement may provide that the business of the limited liability company shall be managed without designated managers. So long as such provision continues in effect: 1. The members shall be deemed to be managers for purposes of applying provisions […]