Sec. 30-1. Member's distributional interest.
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/il/chapter-805/act-180/30-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 30-1. Member's distributional interest.
(a)A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.
(b)A distributional interest in a limited liability company is personal property and, subject to Sections 30-5 and 30-10, may be transferred in whole or in part.
(c)An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to Section 30-10, may also provide for the transfer of any interest represented by the certificate.
(d)Except as provided in subsection (b), the rights, powers, and interest of a member, including a member described in subsection
(c)of Section 10-1, may not be transferred except in accordance with authority described in the operating agreement or if all other members consent.