{"data":{"id":"us-il/805-ilcs-180-30-1","jurisdiction":"us-il","citation":"805 ILCS 180/30-1","heading":"Member's distributional interest.","body":"(a) A member is not a co-owner of, and has no transferable interest in, property of a limited liability company.\n(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.\n(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.\n(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.","path":["CHAPTER 805 BUSINESS ORGANIZATIONS","Limited Liability Company Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2290\u0026ChapterID=65\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"f932b526eda293d9101118133a2e03ac5fd9927fdda1bb47cc5e77ec8964a0c4","source_id":"us-il","stale":false,"prev":"us-il/805-ilcs-180-25-50","next":"us-il/805-ilcs-180-30-5"},"notice":"GroundRules: Original legal text. Not legal advice."}