How does a LLC sell equity if all membership units are owned?

Factual Questions
1

How does a LLC sell equity if all membership units are owned?

I would like some feedback from people who understand business and Limited Liability companies better than me. Help!!

Ok suppose I am an owner of a limited liability company: Maytag, LLC.

I own 10 % (10 membership Units)
Jack owns 40 % (40 membership units)
Jane owns 50 % (50 Membership Units)

One day, we decide Maytag, LLC needs to raise $500,000.
Howard comes along and is willing to give Maytag, $500,000 in exchange for 50% of our company.

How does that work for an LLC and for raising money?

Scenario 1:
If Howard just wants the units, he could just pay Jane $500,000 for her 50 units. But in that scenario, although Jane gets a big payoff, the company Maytag still is broke and in need of money.

Scenario 2:
Does Maytag issue more units and thus dilute the existing units? (This is how a normal corporation might do it, but I am not sure about an LLC.) How can Maytag do this without permission of the owners?

Scenario 3:
No more ownership units can be created, so…
Is there some sort of complicated 5 way negotiation between Me, Jack, Jane, Maytag, and Howard in which everyone agrees to give up something in exchange for something? For example, the negotiations might end up with:
Howard gives Maytag $500,000
Maytag gives Jack $20,000, Jack gives 20 ownership units to Howard.
Maytag gives Jane $20,000, Jane gives 20 ownership units to Howard.
Jack and Jane refuse to give up any more of their units. But I say I will give up my 10 units if I get $15,000. Howard, Jack, and Jane all agree and it is done.

So which of the above 3 scenario’s is more normal? Or can you describe a easier one for me to understand?

2

I don’t know about Anglo-American LLCs, but regarding the German GmbH, which I believe pretty much corresponds to the concept of LLC, Scenario 2 can be done and frequently is done if the company needs fresh money. It can’t be done, of course, without an approval voting of the assembly of owners because the amount of equity of the company is regulated in the company’s statutes, which need to be amended.

3

LLCs are pretty flexible. Procedures for buy-ins are set out in an operating agreement–or some equivalent document–that the members all are bound by. Usually, the members would have to approve any buy-in that would liquidate their ownership interests. But agreements vary and depend on what the founding members want. So, in short, it depends.

IANAL–this ain’t legal advice