A membership interest in a limited liability company is personal property. The only transferable interest of a member in the limited liability company is the member's share of the profits and losses of the limited liability company and the member's right to receive distributions.
Va. Code Ann. § 13.1-1038
Nature of interest in limited liability company
Known as the Virginia Limited Liability Company Act
The act spans §§ 13.1-1000–13.1-1099.9 (156 sections).
Applied in 3 court decisions — leading case Wright v. Herman (2005)
Most recently applied in Southern Bank & Trust Co. v. Joshi (April 2015)
1991, c. 168; 2006, c. 912.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.