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2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 44 - UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996
Section 33-44-703. Dissociated member's power to bind limited liability company.
Universal Citation: SC Code § 33-44-703 (2018)
For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liability company's business, the company, including a surviving company under Article 9, is bound by an act of the dissociated member which would have bound the company under Section 33-44-301 before dissociation only if at the time of entering into the transaction the other party:
(1) reasonably believed that the dissociated member was then a member;
(2) did not have notice of the member's dissociation; and
(3) is not deemed to have had notice under Section 33-44-704.
HISTORY: 1996 Act No. 343, Section 2.
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