2014 Pennsylvania Consolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 89 - Limited Liability Companies
Section 8931 - Contributions to capital
§ 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.
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