489.1108 - ISSUANCE OF INTERESTS. - Iowa Statutes

489.1108 ISSUANCE OF INTERESTS. An interest of a professional limited liability company shall be issued only to an individual who is licensed to practice in any state a profession which the professional limited liability company is authorized to practice. Interests of a professional limited liability company shall not at any time be issued in, transferred into, or held in joint tenancy, tenancy in common, or any other form of joint ownership or co-ownership. Chapter 502 shall not be applicable to nor govern any transaction relating to any interests of a professional limited liability company.          Section History: Recent Form 2008 Acts, ch 1162, §94, 155