On any event of withdrawal of a member, except as otherwise provided in an operating agreement, the withdrawn member and the withdrawn member’s personal representatives, successors and assigns do not have the right to receive any distribution by reason of the withdrawal but do have the rights of an assignee of the withdrawn member’s interest in the limited liability company to receive distributions with respect to the member’s interest during any continuation of the business of the limited liability company and during and on completion of winding up less any damages recoverable against the withdrawn member if the event of withdrawal violated an operating agreement.
Caution: The above language was taken from Arizona’s statutes on November 13, 2016. Check the Arizona legislature’s website to determine if this statute changed after November 13, 2016.
Leave A Comment
You must be logged in to post a comment.