Louisiana Revised Statutes 12:1329 – Nature of membership interest
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Terms Used In Louisiana Revised Statutes 12:1329
- interest: means a member's rights in a limited liability company, collectively, including the member's share of the profits and losses of the limited liability company, the right to receive distributions of the limited liability company's assets, and any right to vote or participate in management. See Louisiana Revised Statutes 12:1301
- Member: means a person with a membership interest in a limited liability company with the rights and obligations specified under this Chapter. See Louisiana Revised Statutes 12:1301
A membership interest shall be an incorporeal movable. A member shall have no interest in limited liability company property.
Acts 1992, No. 780, §2, eff. July 7, 1992.