Virginia Code 13.1-1038: Nature of interest in limited liability company.
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A membership interest in a limited liability company is personal property. The only transferable interest of a member in the limited liability company is the member’s share of the profits and losses of the limited liability company and the member’s right to receive distributions.
Terms Used In Virginia Code 13.1-1038
- interest: means a member's share of the profits and the losses of the limited liability company and the right to receive distributions of the limited liability company's assets. See Virginia Code 13.1-1002
- Member: means a person that has been admitted to membership in a limited liability company as provided in § Virginia Code 13.1-1002
- Personal property: All property that is not real property.
1991, c. 168; 2006, c. 912.