Legal Question in Business Law in Colorado

You review the operating agreement and follow those terms to the letter. If you have no operating agreement, then the members hold a meeting (with proper minutes) or approve this by written consent.

If you don't have a solid written operating agreement done by an experienced business attorney, get one. This is absolutely critical and in 18 years of practice I can't even count how many times problems came about from some crap form people get online. If you have multiple members you need a complete agreement. Mine run some 40 pages and up.