Wisconsin Statutes 183.0601 – Power to dissociate as member; wrongful dissociation
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Terms Used In Wisconsin Statutes 183.0601
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- 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 all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) A person has the power to dissociate as a member at any time, rightfully or wrongfully, by withdrawing as a member by express will under s. 183.0602 (1).
(2) A person’s dissociation as a member is wrongful only if any of the following applies:
(a) The dissociation is in breach of an express provision of a written operating agreement.
(b) The dissociation occurs before completion of the winding up of the limited liability company and any of the following applies:
1. The person is expelled as a member by judicial order under s. 183.0602 (6).
2. The person is dissociated under s. 183.0602 (8).
(3) A person that wrongfully dissociates as a member is liable to the limited liability company and, subject to s. 183.0801, to the other members for damages caused by the dissociation. The liability is in addition to any debt, obligation, or other liability of the member to the company or the other members.