Illinois Compiled Statutes 805 ILCS 180/30-5 – Transfer of a distributional interest
Current as of: 2024 | Check for updates
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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
(1) does not by itself cause dissolution and winding
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up of the limited liability company’s activities; and
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(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.
(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.