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183.0401 Management.

WI Stat § 183.0401 (2019) (N/A)
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183.0401 Management.

(1) Unless the articles of organization vest management of a limited liability company in one or more managers, management of the limited liability company shall be vested in the members, subject to any provision in an operating agreement or this chapter restricting or enlarging the management rights and duties of any member or group of members.

(2) If the articles of organization vest management of a limited liability company in one or more managers, management of the business or affairs of the limited liability company shall be vested in the manager or managers, subject to any provisions in an operating agreement or this chapter restricting or enlarging the management rights and duties of any manager or group of managers. Unless otherwise provided in an operating agreement, the manager or managers:

(a) Shall be designated, appointed, elected, removed or replaced by a vote of the members that meets the requirements under s. 183.0404 (1) (a).

(b) Need not be members of the limited liability company or individuals.

(c) Shall hold office until a successor is elected and qualified, or until prior death, resignation or removal.

History: 1993 a. 112; 1995 a. 400.

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183.0402 Duties of managers and members.