Sec. 30-5. Transfer of a distributional interest.
85 words·~1 min read·
/il/chapter-805/act-180/30-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 30-5. 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.