Wisconsin Statutes 183.0603 – Effect of dissociation
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 183.0603
- 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) If a person is dissociated as a member, all of the following apply:
(a) The person’s right to participate as a member in the management and conduct of the limited liability company’s activities and affairs terminates.
(b) The person’s duties and obligations under s. 183.0409 as a member end with regard to matters arising and events occurring after the person’s dissociation.
(c) Subject to s. 183.0504 and subch. X, 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.
(2) A person’s dissociation as a member of a limited liability company 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.