{"data":{"id":"us-il/805-ilcs-180-35-55","jurisdiction":"us-il","citation":"805 ILCS 180/35-55","heading":"Effect of member's dissociation.","body":"(a) Upon a member's dissociation from a limited liability company:\n(1) the member's right to participate in the management and conduct of the company's business terminates, except as otherwise provided in Section 35-4, and the member ceases to be a member and is treated the same as a transferee of a member;\n(2) the member's fiduciary duties terminate, except as provided in subdivision (3) of this subsection (a);\n(3) the member's duty of loyalty under subdivisions (1) and (2) of subsection (b) of Section 15-3 and duty of care under subsection (c) of Section 15-3 continue only with regard to matters arising and events occurring before the member's dissociation, unless the member participates in winding up the company's business pursuant to Section 35-4; and\n(4) subject to Section 30-25 and Article 37, any distributional interest owned by the person immediately before dissociation in the person's capacity as a member is owned by the person solely as a transferee.\n(b) A person's dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member.","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":"2bd804e9d88f8186c0cefc7602713d594d463b4d8b236ce310a790af51500c88","source_id":"us-il","stale":false,"prev":"us-il/805-ilcs-180-35-50","next":"us-il/805-ilcs-180-35-60"},"notice":"GroundRules: Original legal text. Not legal advice."}