Effect of dissociation

Effect of dissociation. — (1) If a person is dissociated as a member: (a) The person’s right to participate as a member in the management and conduct of the company’s activities and affairs terminates; (b) If the company is member-managed, the person’s duties and obligations under s. 605.04091 as a member end with regard to matters arising and events occurring after the person’s dissociation; and (c) Subject to ss. 605.0504 and 605.1001 - 605.1072 , a transferable interest owned by the person in the person’s capacity immediately before dissociation as a member is owned by the person solely as a transferee. (2) A person’s dissociation as a member does not, of itself, discharge the person from a debt, obligation, or other liability to the company or the other members which the person incurred while a member.