Va. Code § 13.1-1099.3

Current with changes from the 2024 legislative session through ch. 845

Section 13.1-1099.3 - Associated members

A. Only a member of a series limited liability company may be an associated member of a protected series of the series limited liability company.

B. A member of a series limited liability company becomes an associated member of a protected series of the series limited liability company if the operating agreement or a procedure established by the operating agreement states:

1. That the member is an associated member of the protected series;

2. The date on which the member became an associated member; and

3. Any protected series membership interest the associated member has in connection with becoming or being an associated member.

C. If a person that is an associated member of a protected series of a series limited liability company is dissociated from the series limited liability company, the person ceases to be an associated member of the protected series.

Va. Code § 13.1-1099.3

2019, c. 636.

Added by Acts 2019 c. 636, § 1, eff. 7/1/2020.