605.2302 Associated member.
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/fl/title-xxxvi/chapter-605/605-2302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Only a member of a series limited liability company may be an associated member of a protected series of the company.
(2)A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the operating agreement states all of the following:
(a)That the member is an associated member of the protected series.
(b)The date on which the member became an associated member of the protected series.
(c)Any protected-series transferable interest the associated member has in connection with becoming or being an associated member of the protected series.
(3)If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.