Virginia

Decoded

§ 13.1-1038

Nature of interest in limited liability company

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.

History

1991, c. 168; 2006, c. 912.

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If you’re reading this for anything important, you should double-check its accuracy—read § 13.1-1038 on the official Code of Virginia website.

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Court Decisions

In Re Williams (United States Bankruptcy Court, E.D. Virginia, 05/19/11)
. . . 1022, 1023, 1038.1 (2010). Moreover, Va. Code § 13.1-1038.1 provides several methods by which . . .
In Re DeLuca (United States Bankruptcy Court, E.D. Virginia, 01/02/96)
. . . company in any form other than cash."); § 13.1-1038 ("A membership interest in a limited liability . . .
In Re Sandman Associates, LLC (District Court, W.D. Virginia, 08/09/00)
. . . limited liability company, see Va.Code Ann. § 13.1-1038.1.A.1. (Michie 1999), and the operating . . .
In Re DeLuca (United States Bankruptcy Court, E.D. Virginia, 02/08/96)
. . . company in any form other than cash."); § 13.1-1038 ("A membership interest in a limited liability . . .

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Amendment Attempts

sb547: Limited liability companies; establishes procedures thereof.