Attention LLC Members: You Have the Right to Be Heard
I have written about annual meetings of corporations’ shareholders (Annual Meetings: The Basics). Although limited liability companies (LLCs) have no obligation to hold, and typically do not hold, annual meetings of their members, meetings of members can take place.
Section references? below have been updated to reflect California?s new LLC law that took effect on January 1, 2014 (see RULLCA Brings New LLC Laws to California in 2014).
For California LLCs,? meetings of members are governed by Corporations Code Section 17704.07.
Subsection 17704.07(g) states that a meeting of the members may be called by any manager of the LLC or by any member or members representing more than ten percent of the LLC’s membership interests.
Subsection 17704.07(h)(1) states, among other things, that:
- Members must receive 10 – 60 days’ notice of the place, date and time of the meeting.
- The notice must state the general nature of the business to be transacted at the meeting, and no business other than that described in the notice may be transacted.
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Dana H. Shultz, Attorney at Law? +1 510 547-0545? dana [at] danashultz [dot] com
This blog does not provide legal advice and does not create an attorney-client relationship. If you need legal advice, please contact a lawyer directly.