35-8-703. Nature of distributional interest.
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/mt/title-35/chapter-8/part-7/35-8-703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-8-703 . Nature of distributional interest.
(1)A member is not a co-owner of, and does not have a transferable interest in, property of a limited liability company.
(2)A member's distributional interest in a limited liability company is personal property and, subject to the provisions of 35-8-707 , may be transferred in whole or in part.
(3)An operating agreement may provide that a member's distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to the provisions of 35-8-707 , may also provide for the transfer of any interest represented by the certificate.