New Hampshire Revised Statutes 304-C:99 – Certain Effects of Dissociation
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I. If, after dissociation, a former member retains all or any part of the former member’s limited liability company interest, the former member shall be entitled to the following rights:
(a) Subject to reasonable restrictions as determined from time to time by the limited liability company, the former member shall be entitled to inspect and copy at the former member’s own expense all information reasonably relevant to allocations and distributions to the former member in respect of the former member’s limited liability company interest.
(b) Unless the operating agreement provides otherwise, the former member may invoke the dispute resolution provisions of N.H. Rev. Stat. § 304-C:186 with respect to the former member’s limited liability company interest.
II. Subject to any contrary provision in N.H. Rev. Stat. § 304-C:106 through N.H. Rev. Stat. § 304-C:117 and unless the operating agreement provides otherwise, a member who has been dissociated from a limited liability company shall have no fiduciary or other duties to the limited liability company.
III. A person who has been dissociated from the limited liability company shall have no liabilities to the limited liability company except liabilities that accrued to the member before the member’s dissociation and that were not discharged before or concurrent with the member’s dissociation.
(a) Subject to reasonable restrictions as determined from time to time by the limited liability company, the former member shall be entitled to inspect and copy at the former member’s own expense all information reasonably relevant to allocations and distributions to the former member in respect of the former member’s limited liability company interest.
Terms Used In New Hampshire Revised Statutes 304-C:99
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
(b) Unless the operating agreement provides otherwise, the former member may invoke the dispute resolution provisions of N.H. Rev. Stat. § 304-C:186 with respect to the former member’s limited liability company interest.
II. Subject to any contrary provision in N.H. Rev. Stat. § 304-C:106 through N.H. Rev. Stat. § 304-C:117 and unless the operating agreement provides otherwise, a member who has been dissociated from a limited liability company shall have no fiduciary or other duties to the limited liability company.
III. A person who has been dissociated from the limited liability company shall have no liabilities to the limited liability company except liabilities that accrued to the member before the member’s dissociation and that were not discharged before or concurrent with the member’s dissociation.