{"data":{"id":"us-ar/ark.-code-ann.-4-32-706","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 4-32-706","heading":"Right of assignee to become member.","body":"(a) Unless otherwise provided in writing in an operating agreement, an assignee of a limited liability company interest may become a member only if the other members unanimously consent. The consent of a member may be evidenced in any manner specified in writing in an operating agreement, but in the absence of specification, consent shall be evidenced by a written instrument dated and signed by the member.\n(b) An assignee who becomes a member has to the extent assigned the rights and powers and is subject to the restrictions and liabilities of a member under the articles of organization, any operating agreement, and this chapter. An assignee who becomes a member also is liable for any obligations of the assignor to make contributions under § 4-32-502. However, the assignee is not obligated for liabilities of which the assignee had no knowledge at the time he or she became a member and which could not be ascertained from the written records of the limited liability company kept pursuant to § 4-32-405.\n(c) Whether or not an assignee of a limited liability company interest becomes a member, the assignor is not released from his or her liability, if any, to the limited liability company under § 4-32-502.\n(d) Unless otherwise provided in writing in an operating agreement, a member who assigns his or her entire limited liability company interest ceases to be a member or to have the power to exercise any rights of a member when the assignee becomes a member with respect to the entire assigned interest.","path":["Title 4 Business and Commercial Law","Subtitle 3. Corporations and Associations","Chapter 32 Small Business Entity Tax Pass Through Act","Subchapter 7 — Ownership and Transfer of Property"],"source_url":"https://archive.org/download/gov.ar.code/release78.2020.11.06/gov.ar.code.title.04.odt","current_through":"2020-11-06","vintage":"Arkansas Code Release 78 (2020-11), retrieved 2026-09-17; absent from the newer snapshot, which serves other sections of this chapter, so it may since have been repealed or amended","retrieved_at":"2026-09-17T21:07:03Z","sha256":"cb0bd87b3cc9c740f2638d60814f5d65741d709efd5a3ee1396de916de497b9a","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-4-32-705","next":"us-ar/ark.-code-ann.-4-32-707"},"notice":"GroundRules: Original legal text. Not legal advice."}