Current through Public Act 156 of the 2024 Legislative Session
Section 450.4509 - Withdrawal of member; distribution; expulsion(1) A member may withdraw from a limited liability company only as provided in an operating agreement. A member withdrawing pursuant to an operating agreement may become entitled to a withdrawal distribution as described in section 305.(2) An operating agreement may provide for the expulsion of a member or for other events the occurrence of which will result in a person ceasing to be a member of the limited liability company.1993, Act 23, eff. 6/1/1993 ;--Am. 1997, Act 52, imd. eff. 7/1/1997 .