47-34A-501. Member's distributional interest.
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/sd/title-47/chapter-47-34/47-34a-501A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 § 47-34A-502 and § 47-34A-503 , 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 § 47-34A-503 , may also provide for the transfer of any interest represented by the certificate.