Associated member

1. Law
2. Arkansas Code
3. Business and Commercial Law
4. Corporations and Associations
5. Uniform Protected Series Act
6. Associated Asset; Associated Member; Protected-Series Transferable Interest; Management; Right of Information
7. Associated member

1. (a) Only a member of a series limited liability company may be an associated member of a protected series of the company.

2. (b) A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the agreement states:

   1. (1) that the member is an associated member of the protected series;

   2. (2) the date on which the member became an associated member; and

   3. (3) any protected-series transferable interest the associated member has in connection with becoming or being an associated member.

3. (c) If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.

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