805 ILCS 180/30-5 : Business — Business Organizations — Limited Liability Companies — Limited Liability Company Act — Transfer of Distributional Interests —5 - Transfer of a distributional interest

(a) A transfer of a distributional interest in whole or in part:
(1) does not by itself cause dissolution and winding up of the limited liability company's activities; and
(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.

805 ILCS 180/30-5

Amended by P.A. 099-0637,§ 5, eff. 7/1/2017.
P.A. 90-424, eff. 1-1-98.
SECTIONS