21-516. Associated member.
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/ne/chapter-21/21-516A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Only a member of a series limited liability company may be an associated member of a protected series of the company.
(b)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 agreement states:
(1)that the member is an associated member of the protected series;
(2)the date on which the member became an associated member; and
(3)any protected-series transferable interest the associated member has in connection with becoming or being an associated member.
(c)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.