Colorado § 7-80-702 Interest in limited liability company - transferability of interest

Colorado Statutes

§ 7-80-702 — Interest in limited liability company - transferability of interest

Colorado·Title 07 Corporations·Art. Limited Liability Companies

(1)The interest of each member in a limited liability company constitutes the personal property of the member and may be assigned or transferred. Unless the assignee or transferee is admitted as a member, the assignee or transferee shall only be entitled to receive the share of profits or other compensation by way of income and the return of contributions to which that member would otherwise be entitled and shall have no right to participate in the management of the business and activities of the limited liability company or to become a member.

(2)A member ceases to be a member upon assignment or transfer of all the member's membership interest. A person to whom all of a member's membership interest has been assigned or transferred and who has been admitted as a member has all

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(1) The interest of each member in a limited liability company constitutes the
personal property of the member and may be assigned or transferred. Unless the
assignee or transferee is admitted as a member, the assignee or transferee shall
only be entitled to receive the share of profits or other compensation by way of
income and the return of contributions to which that member would otherwise be
entitled and shall have no right to participate in the management of the business
and activities of the limited liability company or to become a member.

(2) A member ceases to be a member upon assignment or transfer of all the
member's membership interest. A person to whom all of a member's membership
interest has been assigned or transferred and who has been admitted as a member
has all the rights and powers and is subject to all the restrictions and liabilities of
the assignor or transferor with respect to the portion of the membership interest
assigned or transferred. The admission of the assignee or transferee releases the
assignor or transferor from liability to the limited liability company other than for
liabilities under section 7-80-502 or 7-80-606.

(3) A person to whom a portion of a member's membership interest has been
assigned or transferred and who has been admitted as a member has all the rights
and powers and is subject to all the restrictions and liabilities of the assignor or
transferor with respect to the portion of the membership interest assigned or
transferred. The admission of the assignee or transferee terminates the assignor's
or transferor's rights and powers as a member with respect to the portion of the
membership interest assigned or transferred and releases the assignor or
transferor from liability to the limited liability company with respect to the portion
of the membership interest assigned or transferred other than for liabilities under
section 7-80-502 or 7-80-606.

Colorado § 7-80-702 (Interest in limited liability company - transferability of interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 90: Entire article added, p. 433, � 1, effective April 18. L. 94: (1) amended, p. 718, � 25, effective July 1. L. 2004: Entire section amended, p. 943, � 14, effective July 1. L. 2006: Entire section amended, p. 861, � 30, effective July 1. L. 2007: (2) amended, p. 227, � 19, effective May 29.