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Source Attorney-Client Privilege Complete Evidence List Showing the closest available flashcard practice.

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0 tracked cards Business Associations

A member sells "my LLC interest" to an investor. The operating agreement requires unanimous consent to admit a new member, and the other members do not consent.
What rights does the investor generally receive?

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A transferee receives no rights of any kind because LLC interests can never be transferred. A transferee becomes personally liable for all past LLC debts solely by receiving distributions. A transferee of a member's transferable interest generally receives economic distribution rights but does not automatically become a member or obtain management rights. A transferee can force dissolution merely by buying an economic interest.

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