What are the voting requirements for each type of Digital Operating Agreement Decision?
In order to amend your Digital Operating Agreement (Digital OA), LLC members will be required to approve the requested change to the operating agreement. Below is a list of the different operating agreement amendments and which members are required to vote on the operating agreement before the requested change becomes effective as an updated, legal version of the operating agreement.
- Proposed Management Decision: Unanimous vote of members required.
- Addition of a New Member: Unanimous vote of current members required. Once a unanimous vote has been recorded, the new member will record their acceptance by adding their own vote.
- Voluntary Departure of a Member: Unanimous vote of members required, including the person that wishes to withdraw.
- Recognition of Member Death or Disability/Repurchase of members interest: Unanimous vote required.
- Modify the Articles of Organization: Unanimous vote required.
- Cease Online Management of the Digital OA: Unanimous vote required.
- Dissolution of the LLC: Unanimous vote required. Once a unanimous vote to dissolve has been recorded, the entity would need to file Articles of Dissolution with the Secretary of State.