Under the section ” Actions Requiring Unanimous Consent of the Members”, what is meant by the option “Sale of any Company asset with fair market value greater than a fixed amount”?
Sale of significant Company assets should require the unanimous consent of all members so that the interests of all members are protected. An individual member cannot sell or otherwise dispose of Company property. This option includes the situation where an individual member cannot use Company property as collateral for a loan (either a personal loan or a Company loan) without the majority or unanimous consent of the remaining Members where the property could be subject to seizure if the loan was in default. Ensure the fixed amount selected is practical for the size of the Company. It may be an unnecessary administrative burden to require unanimous approval for the sale of nominal assets.
Related Questions
- Under the section " Actions Requiring Unanimous Consent of the Members", what is meant by the option "Releasing any Company claim except for full consideration"?
- Under the section "Actions that require Unanimous Consent of the Members", what is meant by the option "Assignment of ownership rights of Company Property"?
- Why should my company use MRO Directs procurement solutions instead of another option?
