Sec. 509. (1) A member may withdraw from a limited liability company only as provided in an operating agreement. A member withdrawing pursuant to an operating agreement may become entitled to a withdrawal distribution as described in section 305. (2) An operating agreement may provide for the expulsion of a member or for other events the occurrence of which will result in a person ceasing to be a member of the limited liability company.
Mich. Comp. Laws § 450.4509
Withdrawal of member; distribution; expulsion
Applied in 3 court decisions — leading case Altobelli v. Hartmann (2016)
Most recently applied in Altobelli v. Hartmann (June 2016)
1993, Act 23, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.