Section 404(d) of the Uniform Limited Liability Company Act (1996) provides: "Action requiring the consent of members or managers under this Act may be taken without a meeting." This is a form of resolution adopted by unanimous consent of the members of a limited liability rather than having a formal meeting.
Tennessee Unanimous Consent to Action By Sole Member of a Limited Liability Company, in Lieu of a Meeting, Accepting and Appointing a New Member is a legal provision that allows the sole member of an LLC in Tennessee to make important decisions and perform necessary actions without holding a formal meeting with other members. In the state of Tennessee, when there is only one member in a limited liability company, they are entitled to act as the sole decision-maker, utilizing the Unanimous Consent method. This method enables the sole member to accept and appoint a new member to the LLC without the need for a formal meeting with other members. This provision is particularly useful in situations where the LLC needs to promptly admit a new member and lacks the time or resources to convene a full meeting. By utilizing the Unanimous Consent process, the sole member can exercise their authority and legally induct a new member into the LLC efficiently. Some important keywords associated with the Tennessee Unanimous Consent to Action By Sole Member of a Limited Liability Company, in Lieu of a Meeting, Accepting and Appointing a New Member include: 1. Unanimous Consent: This refers to the agreement and authorization given by the sole member of the LLC to carry out a specific action, such as accepting and appointing a new member. 2. Limited Liability Company (LLC): An LLC is a legal business entity that offers limited liability protection to its owners (known as members) while maintaining the flexibility of a partnership. It is a preferred choice for many entrepreneurs due to its simplicity and liability protection. 3. Sole Member: The sole member is an individual who has complete ownership and control over an LLC in Tennessee. Unlike multi-member LCS, they have the authority to make decisions on behalf of the company without requiring the consent of other members. 4. In Lieu of a Meeting: This indicates that instead of organizing a formal meeting with other members, the sole member opts for an alternate procedure to make decisions and take actions. The name Tennessee Unanimous Consent to Action By Sole Member of a Limited Liability Company, in Lieu of a Meeting, Accepting and Appointing a New Member may not have specific subtypes. However, it should be noted that the Unanimous Consent provision can be utilized for various actions beyond accepting and appointing new members, such as approving financial decisions, amending the LLC's operating agreement, or authorizing significant business transactions. Therefore, the application of Unanimous Consent can be diverse within a Tennessee LLC context.
