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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) When a person is dissociated as a member of a limited liability company:
(1) The person's right to participate as a member in the management and conduct of the company's activities and affairs shall terminate;
(2) If the company is member-managed, the person's duties and obligations under § 29-804.09 end with regard to matters arising and events occurring after the person's dissociation; and
(3) Subject to § 29-805.04, subchapter IX of this chapter, and Chapter 2 of this title, any transferable interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee.
(b) A person's dissociation as a member of a limited liability company shall not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-806.03. Effect of person's dissociation as member. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-806-03/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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