Arkansas § 4-38-603 Effect of dissociation

Arkansas Statutes

§ 4-38-603 — Effect of dissociation

Arkansas § 4-38-603

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This text of Arkansas § 4-38-603 (Effect of dissociation) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 4-38-603 (2026).

Text

(a)If a person is dissociated as a member:

(1)the person's right to participate as a member in the management and conduct of the limited liability company's activities and affairs terminates;

(2)the person's duties and obligations under § 4-38-409 as a member end with regard to matters arising and events occurring after the person's dissociation; and (3) subject to § 4-38-504 and § 4-38-1001 et seq., any transferable interest owned by the person in the person's capacity as a member immediately before dissociation is owned by the person solely as a transferee.

(b)A person's dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited liability company or the other members which the person incurred while a member.

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(a) If a person is dissociated as a member: (1) the person's right to participate as a member in the management and conduct of the limited liability company's activities and affairs terminates; (2) the person's duties and obligations under § 4-38-409 as a member end with regard to matters arising and events occurring after the person's dissociation; and (3) subject to § 4-38-504 and § 4-38-1001 et seq., any transferable interest owned by the person in the person's capacity as a member immediately before dissociation is owned by the person solely as a transferee. (b) A person's dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited liability company or the other members which the person incurred while a member.