(805 ILCS 180/30-1)
Sec. 30-1. Member's distributional interest.
(a) A member is not a co-owner of, and has no transferable interest in,
property of a limited liability company.
(b) A distributional interest in a limited liability company is personal
property and, subject to Sections 30-5 and 30-10, may be transferred in whole
or in part.
(c) An operating agreement may provide that a distributional interest may be
evidenced by a certificate of the interest issued by the limited
liability company and, subject to Section 30-10, may also provide for the
transfer of any interest represented by the certificate.
(d) Except as provided in subsection (b), the rights, powers, and interest of a member, including a member described in subsection (c) of Section 10-1, may not be transferred except in accordance with authority described in the operating agreement or if all other members consent.(Source: P.A. 101-553, eff. 1-1-20.)
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