Idaho Code 30-25-603 – Effect of Dissociation
Current as of: 2023 | Check for updates
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(a) If a person is dissociated as a member:
(1) The person’s right to participate as a member in the management and conduct of the limited liability company’s activities and affairs terminates;
(2) The person’s duties and obligations under section 30-25-409, Idaho Code, as a member end with regard to matters arising and events occurring after the person’s dissociation; and
(3) Subject to section 30-25-504, Idaho Code, and chapter 22, title 30, Idaho Code, any transferable interest owned by the person in the person’s capacity as a member immediately before dissociation is owned by the person solely as a transferee.
(b) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited liability company or the other members which the person incurred while a member.
Terms Used In Idaho Code 30-25-603
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114