SECTION 605.0603. Effect of dissociation.

Latest version.

1(1) 2If a person is dissociated as a member:
10(a) 11The person’s right to participate as a member in the management and conduct of the company’s activities and affairs terminates;
31(b) 32If the company is member-managed, the person’s duties and obligations under s. 44605.04091 45as a member end with regard to matters arising and events occurring after the person’s dissociation; and
62(c) 63Subject to ss. 66605.0504 67and 68605.100169-70605.1072, 71a transferable interest owned by the person in the person’s capacity immediately before dissociation as a member is owned by the person solely as a transferee.
97(2) 98A person’s dissociation as a member does not, of itself, discharge the person from a debt, obligation, or other liability to the company or the other members which the person incurred while a member.

History.-s. 2, ch. 2013-180.

Bills Cite this Section:

None

Cited by Court Cases:

None

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        var href = decodeURIComponent(window.location.href);
                        var url = decodeURIComponent(escape(href.split("#")[0]));
                        url = decodeURIComponent(escape(url.split(",")[0]));
                        art.dialog.defaults.title = url;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');