§ 3071 - Member's distributional interest - Vermont Statutes

§ 3071. Member's distributional interest

(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 sections 3072 and 3073 of this title, 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 section 3073 of this title, may also provide for the transfer of any interest represented by the certificate. (Added 1995, No. 179 (Adj. Sess.), § 4.)