605.0603 Effect of dissociation.—
(1) If a person is dissociated as a member:
(a) The person’s right to participate as a member in the management and conduct of the company’s activities and affairs terminates;
(b) If the company is member-managed, the person’s duties and obligations under s. 605.04091 as a member end with regard to matters arising and events occurring after the person’s dissociation; and
(c) Subject to ss. 605.0504 and 605.1001-605.1072, a 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.
(2) A 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.
Section: Previous 605.0411 605.0501 605.0502 605.0503 605.0504 605.0601 605.0602 605.0603 605.0701 605.0702 605.0703 605.0704 605.0705 605.0706 605.0707 NextLast modified: September 23, 2016