Virginia Code 13.1-1099.14: Protected series may not be party to entity transaction
Current as of: 2023 | Check for updates
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A protected series may not:
Terms Used In Virginia Code 13.1-1099.14
- Entity: includes any domestic or foreign limited liability company, any domestic or foreign other business entity, any estate or trust, and any state, the United States, and any foreign government. See Virginia Code 13.1-1002
- interest: means a member's share of the profits and the losses of the limited liability company and the right to receive distributions of the limited liability company's assets. See Virginia Code 13.1-1002
1. Be a party to a merger;
2. Convert to a different type of entity;
3. Domesticate as a protected series under the laws of a foreign jurisdiction; or
4. Be a party to or be formed, organized, established, or created in a transaction substantially like an interest exchange, a conversion, or a domestication.