13.1-1039 - Assignment of interest. - Virginia Statutes

§ 13.1-1039. Assignment of interest.

A. Unless otherwise provided in the articles of organization or an operatingagreement, a membership interest in a limited liability company is assignablein whole or in part. An assignment of an interest in a limited liabilitycompany does not of itself dissolve the limited liability company. Anassignment does not entitle the assignee to participate in the management andaffairs of the limited liability company or to become or to exercise anyrights of a member. Such an assignment entitles the assignee to receive, tothe extent assigned, only any share of profits and losses and distributionsto which the assignor would be entitled.

B. Unless otherwise provided in the articles of organization or an operatingagreement, a membership interest in a limited liability company may beevidenced by a certificate of interest issued by the limited liabilitycompany. The articles of organization or an operating agreement may providefor the assignment or transfer of any interest represented by such acertificate and make other provisions with respect to such certificates.

(1991, c. 168; 1992, c. 574; 1998, c. 432; 2006, c. 912.)