Illinois § 30-5 Transfer of a distributional interest

Illinois Statutes

§ 30-5 — Transfer of a distributional interest

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 180/ Limited Liability Company Act.·Art. Article 30 - Assignment of Membership Interests

(a)A transfer of a distributional interest in whole or in part:

(1)does not by itself cause dissolution and winding up of the limited liability company's activities; and (2) is subject to Section 30-10.

(b)A transfer of a distributional interest does not entitle the transferee to become or to exercise any rights of a member. A transfer entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled.

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(a) A transfer of a distributional interest in whole or in part: (1) does not by itself cause dissolution and winding up of the limited liability company's activities; and (2) is subject to Section 30-10. (b) A transfer of a distributional interest does not entitle the transferee to become or to exercise any rights of a member. A transfer entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled.

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