2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 89 - Limited Liability Companies
8931 - Contributions to capital.

                               SUBCHAPTER D
                           FINANCIAL PROVISIONS

     Sec.
     8931.  Contributions to capital.
     8932.  Distributions and allocation of profits and losses.
     8933.  Distributions upon an event of dissociation.
     8934.  Distributions in kind.
     8935.  Right to distribution.
     § 8931.  Contributions to capital.
        (a)  General rule.--An interest in a limited liability
     company may be issued in exchange for cash, tangible or
     intangible property, services rendered or a promissory note or
     other obligation to contribute cash or tangible or intangible
     property or to perform services.
        (b)  Enforceability.--A promise by a member to contribute to
     a company is not enforceable unless set out in a writing signed
     by the member. This subsection may not be varied by any
     provision of the certificate of organization or operating
     agreement.
        (c)  Inability to perform.--A member is obligated to the
     company to perform any enforceable promise to contribute cash or
     property or to perform services even if the member is unable to
     perform because of death, disability or other reason.
        (d)  Substitute performance.--If a member does not make the
     required contribution of property or services, the member is
     obligated, at the option of the company, to contribute cash
     equal to that portion of the value of the stated contribution
     that has not been made.
        (e)  Compromise.--The obligation of a member to make a
     contribution may be compromised only with the unanimous consent
     of the members.