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

• Category: Limited Liability Company - Meetings
• State: Multi-State
• Control #: US-02532BG
• Format: Word; Rich Text

Description

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. Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability Meeting Date: [Date] Meeting Time: [Time] Meeting Location: [Location] Attendees: — [Member 1— - [Member 2] - [Member 3] - [Others present] 1. Call to Order The meeting was called to order by [Member 1] at [Time]. 2. Roll Call [Member 3] conducted a roll call and confirmed the presence of the following members: [List of members]. 3. Purpose of the Meeting The purpose of this special meeting was to discuss and authorize the redemption of a member's interest in the limited liability company ("Company"). 4. Redemption Proposal [Member 2] presented a redemption proposal wherein [Member's Name]'s interested in the Company would be redeemed. The proposal outlined the terms and conditions of the redemption, including the price to be paid, the method of payment, and any additional considerations. 5. Discussion The members engaged in a detailed discussion regarding the redemption proposal. Key points discussed included: — The fair market value of the member's interest in the Company — The financial impact of the redemption on the Company's resources — Tax implications for both the member and the Company — The impact of the redemption on the Company's remaining members — Any potential conflicts of interest 6. Resolution After a thorough discussion, the members voted on the redemption proposal. A quorum was present, and the following resolution was unanimously approved: "RESOLVED, that the Members of [Company Name] hereby approve the redemption of [Member's Name]'s interested in the Company. The redemption price shall be [Amount], to be paid in [Method of Payment], subject to [Additional Considerations]." 7. Next Steps Following the approval of the resolution, the members discussed the necessary steps to execute the redemption. These may include drafting necessary legal documentation, completing any required governmental filings, and facilitating the transfer of the redeemed interest. 8. Adjournment There being no further discussion, the meeting was adjourned at [Time]. Different Types of New Mexico Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability: 1. Initial Redemption: This refers to the first-time redemption of a member's interest in the Company. 2. Subsequent Redemption: This type of meeting occurs when a member's interest has already been partially redeemed, and there is a need to redeem the remaining interest. 3. Partial Redemption: In certain cases, a member may wish to sell only a portion of their interest in the Company. A special meeting can be organized exclusively for this purpose. 4. Full Redemption: A full redemption takes place when a member decides to completely sell their interest in the Company and terminate their membership. 5. Involuntary Redemption: Occasionally, a member may be forced to sell their interest due to a violation of the operating agreement or other legal reasons. A special meeting may be conducted to authorize the involuntary redemption.

Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability Meeting Date: [Date] Meeting Time: [Time] Meeting Location: [Location] Attendees: — [Member 1— - [Member 2] - [Member 3] - [Others present] 1. Call to Order The meeting was called to order by [Member 1] at [Time]. 2. Roll Call [Member 3] conducted a roll call and confirmed the presence of the following members: [List of members]. 3. Purpose of the Meeting The purpose of this special meeting was to discuss and authorize the redemption of a member's interest in the limited liability company ("Company"). 4. Redemption Proposal [Member 2] presented a redemption proposal wherein [Member's Name]'s interested in the Company would be redeemed. The proposal outlined the terms and conditions of the redemption, including the price to be paid, the method of payment, and any additional considerations. 5. Discussion The members engaged in a detailed discussion regarding the redemption proposal. Key points discussed included: — The fair market value of the member's interest in the Company — The financial impact of the redemption on the Company's resources — Tax implications for both the member and the Company — The impact of the redemption on the Company's remaining members — Any potential conflicts of interest 6. Resolution After a thorough discussion, the members voted on the redemption proposal. A quorum was present, and the following resolution was unanimously approved: "RESOLVED, that the Members of [Company Name] hereby approve the redemption of [Member's Name]'s interested in the Company. The redemption price shall be [Amount], to be paid in [Method of Payment], subject to [Additional Considerations]." 7. Next Steps Following the approval of the resolution, the members discussed the necessary steps to execute the redemption. These may include drafting necessary legal documentation, completing any required governmental filings, and facilitating the transfer of the redeemed interest. 8. Adjournment There being no further discussion, the meeting was adjourned at [Time]. Different Types of New Mexico Minutes of a Special Meeting of the Members of a Limited Liability Company Authorizing Redemption of Member's Interest in Limited Liability: 1. Initial Redemption: This refers to the first-time redemption of a member's interest in the Company. 2. Subsequent Redemption: This type of meeting occurs when a member's interest has already been partially redeemed, and there is a need to redeem the remaining interest. 3. Partial Redemption: In certain cases, a member may wish to sell only a portion of their interest in the Company. A special meeting can be organized exclusively for this purpose. 4. Full Redemption: A full redemption takes place when a member decides to completely sell their interest in the Company and terminate their membership. 5. Involuntary Redemption: Occasionally, a member may be forced to sell their interest due to a violation of the operating agreement or other legal reasons. A special meeting may be conducted to authorize the involuntary redemption.