Associated member

Associated member. — (1) Only a member of a series limited liability company may be an associated member of a protected series of the company. (2) A member of a series limited liability company becomes an associated member of a protected series of the company if the operating agreement or a procedure established by the operating agreement states all of the following: (a) That the member is an associated member of the protected series. (b) The date on which the member became an associated member of the protected series. (c) Any protected-series transferable interest the associated member has in connection with becoming or being an associated member of the protected series. (3) If a person that is an associated member of a protected series of a series limited liability company is dissociated from the company, the person ceases to be an associated member of the protected series.