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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11 : Corporations, Partnerships and Associations

Chapter 025 : LIMITED LIABILITY COMPANIES

Subchapter 006 : MEMBER'S DISSOCIATION

(Cite as: 11 V.S.A. § 4083)
  • § 4083. Effect of member's dissociation

    (a) When a person is dissociated as a member of a limited liability company:

    (1) the person's right to participate as a member in the management and conduct of the company's business terminates;

    (2) if the company is member-managed, the person's fiduciary duties as a member end with regard to matters arising and events occurring after the person's dissociation; and

    (3) subject to section 4075 of this title and subchapter 10 of this chapter, any distributional interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee.

    (b) A person's dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members that the person incurred while a member. (Added 2015, No. 17, § 2.)