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88 chapters · 2,278 sections in this title.
Ark. Code Ann. § 4-38-106 Operating agreement — Effect on limited liability company and person becoming member — Preformation agreements
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(a) A limited liability company is bound by and may enforce the operating agreement, whether or not the company has itself manifested assent to the operating agreement. (b) A person that becomes a member is deemed to assent to the operating agreement. (c) Two or more persons inte…
Ark. Code Ann. § 4-38-107 Operating agreement — Effect on third parties and relationship to records effective on behalf of limited liability company
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(a) An operating agreement may specify that its amendment requires the approval of a person that is not a party to the agreement or the satisfaction of a condition. An amendment is ineffective if its adoption does not include the required approval or satisfy the specified conditi…
Ark. Code Ann. § 4-38-108 Nature, purpose, and duration of limited liability company
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(a) A limited liability company is an entity distinct from its member or members. (b) A limited liability company may have any lawful purpose, regardless of whether for profit. (c) A limited liability company has perpetual duration.
Powers
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A limited liability company has the capacity to sue and be sued in its own name and the power to do all things necessary or convenient to carry on its activities and affairs.