2017 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 44 - UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996
Section 33-44-501. Member's distributional interest.

Universal Citation: SC Code § 33-44-501 (2017)

(a) A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.

(b) A distributional interest in a limited liability company is personal property and, subject to Sections 33-44-502 and 33-44-503, may be transferred in whole or in part.

(c) An operating agreement may provide that a distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to Section 33-44-503, may also provide for the transfer of any interest represented by the certificate.

HISTORY: 1996 Act No. 343, Section 2.

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