Arkansas § 4-38-603 Effect of dissociation

Arkansas Statutes

§ 4-38-603 — Effect of dissociation

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Arkansas § 4-38-603 (Effect of dissociation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.