Minnesota § 322C.0603 EFFECT OF PERSON'S DISSOCIATION AS MEMBER

Minnesota Statutes

§ 322C.0603 — EFFECT OF PERSON'S DISSOCIATION AS MEMBER

Minnesota § 322C.0603

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 322CMINNESOTA REVISED UNIFORM LIMITED LIABILITY COMPANY

This text of Minnesota § 322C.0603 (EFFECT OF PERSON'S DISSOCIATION AS MEMBER) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 322C.0603 (2026).

Text

Subdivision 1.Effect of dissociation. When a person is dissociated as a member of a limited liability company:

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

(2)if the company is member-managed, the person's fiduciary duties as a member end with regard to matters arising and events occurring after the person's dissociation; and

(3)subject to sections322C.0504and322C.1001to322C.1015, any transferable interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee. Subd. 2.No discharge. A person's dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability

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Subdivision 1.Effect of dissociation.
When a person is dissociated as a member of a limited liability company:
(1) the person's right to participate as a member in the management and conduct of the company's activities terminates;
(2) if the company is member-managed, the person's fiduciary duties as a member end with regard to matters arising and events occurring after the person's dissociation; and
(3) subject to sections322C.0504and322C.1001to322C.1015, any transferable interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee.

Subd. 2.No discharge.
A person's dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members that the person incurred while a member.