Illinois § 30-5 Transfer of a distributional interest

Illinois Statutes

§ 30-5 — Transfer of a distributional interest

Illinois § 30-5

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 805BUSINESS ORGANIZATIONS

Act 805 ILCS 180/Limited Liability Company Act.

Art.Article 30 - Assignment of Membership Interests

This text of Illinois § 30-5 (Transfer of a distributional interest) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

805 Ill. Comp. Stat. 30-5 (2026).

Text

(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.