Legal Question in Business Law in Oklahoma

Limited liability co. charging memberships

Can a limited liability company charge memberships?

If so, do the people paying memberships have a right to see their books.

Last but not least, can this same LLC company collect sponsorships? re: can a newly forming racing organization that is forming under the LLC labeling collect dues and sponsorships under this heading, and would not the dues paying members have the right to see the books?

Thank you!


Asked on 9/30/04, 5:24 pm

1 Answer from Attorneys
Tracy Poole Fellers, Snider, Blankenship, Bailey & Tippens, P.C.

Re: Limited liability co. charging memberships

A limited liability company ("LLC") may issue membership interests as equity ownership in the company. Members of an LLC do have a right to inspect certain books and records of the company. Sponsorships are a different animal in the racing business and are usually raised by separate agreement with a sponsor to perform certain marketing services for the sponsor's brand in return for money and/or products and services which may be used by the team.

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Answered on 9/30/04, 5:35 pm


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