Law Commons^™

Corporations, Partnerships And Associations Limited Liability Companies: Provide For Default Rule Maintaining Continuous Existence Of Limited Liability Companies; Provide That Except As Established Otherwise In The Articles Of Organization Or Written Operating Agreement Of A Limited Liability Company, A Member Of A Limited Liability Company With Respect To Which The Event Of Dissociation Occurs Is Not Entitled To Receive Any Payment By Reason Of Such Event And Will Become An Assignee As To Such Limited Liability Company Interest, Michael E. Eisenstadt

Georgia State University Law Review

The Act amends the existing Georgia Limited Liability Company Act to provide that in the event of dissociation, a member of a limited liability company becomes an assignee to the interest of such limited liability company (LLC). A person can cease to be a member of an LLC in the following circumstances: by operation of law; by reason of his or her death or incapacity; if he or she is removed in accordance with the articles of organization or a written operating agreement of the LLC; by the majority vote assignment; when he or she assigns his or her interest …