Statutes > Virginia Statutes > Title 13.1 - CORPORATIONS. > Chapter 12 - Virginia Limited Liability Company Act (13.1-1000 thru 13.1-1080) > 13.1-1038 - Nature of interest in limited liability company.

13.1-1038 - Nature of interest in limited liability company.

§ 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 companyis the member's share of the profits and losses of the limited liabilitycompany and the member's right to receive distributions.

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