A. If a person is dissociated as a member, all of the following apply:
1. the person’s right to participate as a member in the management and conduct of the limited liability company’s activities and affairs terminates.
2. the person’s duties and obligations under Section 29-3409 as a member end with regard to matters arising and events occurring after the person’s dissociation.
3. subject to Section 29-3504 and Article 10 of this Chapter, any transferable interest owned by the person in the person’s capacity as a member immediately before dissociation is owned by the person solely as a transferee.
B. A person’s dissociation as a member does not of itself discharge the person from any debt, obligation or other liability to the limited liability company or the other members that the person incurred while a member.
Note: As of September 1, 2020, this statute applies to all Arizona LLCs . The text above shows the statute as of January 1, 2024. To see if the Arizona legislature modified this statute after January 1, 2023, go the the Arizona legislature's website for Title 29, Chapter 7.