{"law_id":"781045","edition_id":"11","section_id":"781045","structure_id":"2725","section_number":"13.1-1038","catch_line":"Nature of interest in limited liability company","history":"1991, c. 168; 2006, c. 912.","full_text":"A membership interest in a limited liability company is personal property. The only transferable interest of a member in the limited liability company is the member’s share of the profits and losses of the limited liability company and the member’s right to receive distributions.","order_by":null,"text":{"0":{"id":"2519110","text":"A membership interest in a limited liability company is personal property. The only transferable interest of a member in the limited liability company is the member’s share of the profits and losses of the limited liability company and the member’s right to receive distributions.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"2725","name":"Rights Of And Assignment By Members","identifier":"7","label":"article","url":"\/13.1\/12\/7\/"},"2":{"id":"318","name":"Virginia Limited Liability Company Act","identifier":"12","label":"chapter","url":"\/13.1\/12\/"},"3":{"id":"43","name":"Corporations","identifier":"13.1","label":"title","url":"\/13.1\/"}},"structure_contents":{"0":{"id":"781045","structure_id":"2725","section_number":"13.1-1038","catch_line":"Nature of interest in limited liability company","url":"\/13.1-1038\/","token":"13.1\/12\/7\/13.1-1038"},"1":{"id":"780670","structure_id":"2725","section_number":"13.1-1038.1","catch_line":"Admission of members","url":"\/13.1-1038.1\/","token":"13.1\/12\/7\/13.1-1038.1"},"2":{"id":"786827","structure_id":"2725","section_number":"13.1-1039","catch_line":"Assignment of interest","url":"\/13.1-1039\/","token":"13.1\/12\/7\/13.1-1039"},"3":{"id":"796378","structure_id":"2725","section_number":"13.1-1040","catch_line":"Right of assignee to become member","url":"\/13.1-1040\/","token":"13.1\/12\/7\/13.1-1040"},"4":{"id":"794483","structure_id":"2725","section_number":"13.1-1040.1","catch_line":"Events causing member's dissociation","url":"\/13.1-1040.1\/","token":"13.1\/12\/7\/13.1-1040.1"},"5":{"id":"770470","structure_id":"2725","section_number":"13.1-1040.2","catch_line":"Effect of a member's dissociation","url":"\/13.1-1040.2\/","token":"13.1\/12\/7\/13.1-1040.2"},"6":{"id":"784808","structure_id":"2725","section_number":"13.1-1041","catch_line":"Repealed","url":"\/13.1-1041\/","token":"13.1\/12\/7\/13.1-1041"},"7":{"id":"793705","structure_id":"2725","section_number":"13.1-1041.1","catch_line":"Member's transferable interest subject to charging order","url":"\/13.1-1041.1\/","token":"13.1\/12\/7\/13.1-1041.1"}},"next_section":{"id":"780670","structure_id":"2725","section_number":"13.1-1038.1","catch_line":"Admission of members","url":"\/13.1-1038.1\/","token":"13.1\/12\/7\/13.1-1038.1"},"metadata":false,"court_decisions":{"0":{"name":"In Re Williams","case_number":"Bankruptcy No. 09-36121-KRH. Adversary No. 10-03117","citation":"455 B.R. 485","date":"2011-05-19","url":"https:\/\/www.courtlistener.com\/opinion\/2195040\/in-re-williams\/","abstract":" .\u202f.\u202f. 1022, 1023, 1038.1 (2010). Moreover, Va. Code \u00a7 13.1-1038.1 provides several methods by which .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"1":{"name":"In Re DeLuca","case_number":"Bankruptcy No. 95-11924-AM. Adv. No. 95-1181","citation":"194 B.R. 65","date":"1996-01-02","url":"https:\/\/www.courtlistener.com\/opinion\/1992558\/in-re-deluca\/","abstract":" .\u202f.\u202f. company in any form other than cash.\"); \u00a7 13.1-1038 (\"A membership interest in a limited liability .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"2":{"name":"In Re Sandman Associates, LLC","case_number":"1:99CV00186, 1:00CV00023","citation":"251 B.R. 473","date":"2000-08-09","url":"https:\/\/www.courtlistener.com\/opinion\/1534547\/in-re-sandman-associates-llc\/","abstract":" .\u202f.\u202f. limited liability company, see Va.Code Ann. \u00a7 13.1-1038.1.A.1. (Michie 1999), and the operating .\u202f.\u202f. ","court_html":"District Court, W.D. Virginia"},"3":{"name":"In Re DeLuca","case_number":"Bankruptcy No. 95-11924-AM. Adv. No. 95-1182","citation":"194 B.R. 79","date":"1996-02-08","url":"https:\/\/www.courtlistener.com\/opinion\/1992968\/in-re-deluca\/","abstract":" .\u202f.\u202f. company in any form other than cash.\"); \u00a7 13.1-1038 (\"A membership interest in a limited liability .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"}},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/13.1-1038\/","references":false,"refers_to":false,"url":"\/13.1-1038\/","token":"13.1\/12\/7\/13.1-1038","formats":{"txt":"\/13.1-1038.txt","json":"\/13.1-1038.json","xml":"\/13.1-1038.xml"},"dublin_core":{"Title":"Nature of interest in limited liability company","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1038","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nNATURE OF INTEREST IN LIMITED LIABILITY COMPANY (\u00a7 13.1-1038)\n\nA membership interest in a limited liability company is personal property. The\nonly transferable interest of a member in the limited liability company is the\nmember’s share of the profits and losses of the limited liability company\nand the member’s right to receive distributions.\n\nHISTORY: 1991, c. 168; 2006, c. 912."}