{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-1038.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-1038.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-1038.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-1038.html"}],"law_id":65055,"edition_id":1,"section_id":65055,"structure_id":14689,"section_number":"13.1-1038","catch_line":"Nature of interest in limited liability company","history":"1991, c. 168; 2006, c. 912.","full_text":"A membership interest in a limited liability company is personal property. The only transferable interest of a member in the limited liability company is the member&#8217;s share of the profits and losses of the limited liability company and the member&#8217;s right to receive distributions.","order_by":null,"text":{"0":{"id":236800,"text":"A membership interest in a limited liability company is personal property. The only transferable interest of a member in the limited liability company is the member&#8217;s share of the profits and losses of the limited liability company and the member&#8217;s right to receive distributions.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14689,"edition_id":1,"name":"Rights of and Assignment by Members","identifier":"7","label":"article","depth":3,"order_by":1,"parent_id":12817,"metadata":{},"date_created":"2026-06-26 03:49:22","date_modified":"2026-06-26 03:49:22","permalink":{"id":148899,"object_type":"structure","relational_id":14689,"identifier":"7","token":"13.1\/12\/7","url":"\/13.1\/12\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12817,"edition_id":1,"name":"Virginia Limited Liability Company Act","identifier":"12","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":148351,"object_type":"structure","relational_id":12817,"identifier":"12","token":"13.1\/12","url":"\/13.1\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65055,"structure_id":14689,"section_number":"13.1-1038","catch_line":"Nature of interest in limited liability company","url":"\/13.1-1038\/","token":"13.1\/12\/7\/13.1-1038","metadata":false},{"id":77266,"structure_id":14689,"section_number":"13.1-1038.1","catch_line":"Admission of members","url":"\/13.1-1038.1\/","token":"13.1\/12\/7\/13.1-1038.1","metadata":false},{"id":56379,"structure_id":14689,"section_number":"13.1-1039","catch_line":"Assignment of interest","url":"\/13.1-1039\/","token":"13.1\/12\/7\/13.1-1039","metadata":false},{"id":66741,"structure_id":14689,"section_number":"13.1-1040","catch_line":"Right of assignee to become member","url":"\/13.1-1040\/","token":"13.1\/12\/7\/13.1-1040","metadata":false},{"id":85377,"structure_id":14689,"section_number":"13.1-1040.1","catch_line":"Events causing member's dissociation","url":"\/13.1-1040.1\/","token":"13.1\/12\/7\/13.1-1040.1","metadata":false},{"id":86668,"structure_id":14689,"section_number":"13.1-1040.2","catch_line":"Effect of a member's dissociation","url":"\/13.1-1040.2\/","token":"13.1\/12\/7\/13.1-1040.2","metadata":false},{"id":65708,"structure_id":14689,"section_number":"13.1-1041","catch_line":"Repealed","url":"\/13.1-1041\/","token":"13.1\/12\/7\/13.1-1041","metadata":false},{"id":56327,"structure_id":14689,"section_number":"13.1-1041.1","catch_line":"Member's transferable interest subject to charging order","url":"\/13.1-1041.1\/","token":"13.1\/12\/7\/13.1-1041.1","metadata":false}],"next_section":{"id":77266,"structure_id":14689,"section_number":"13.1-1038.1","catch_line":"Admission of members","url":"\/13.1-1038.1\/","token":"13.1\/12\/7\/13.1-1038.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1038\/","history_text":"<p>This law was first created in 1991. The record of its establishment is cataloged in chapter 168 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2006, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?061+ful+CHAP0912\">912<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":148901,"object_type":"law","relational_id":65055,"identifier":"13.1-1038","token":"13.1\/12\/7\/13.1-1038","url":"\/13.1-1038\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-1038\/","token":"13.1\/12\/7\/13.1-1038","dublin_core":{"Title":"Nature of interest in limited liability company","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1038","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">membership interest<\/span> in a <span class=\"dictionary\">limited liability company<\/span> is personal <span class=\"dictionary\">property<\/span>. The only transferable interest of a <span class=\"dictionary\">member<\/span> in the <span class=\"dictionary\">limited liability company<\/span> is the <span class=\"dictionary\">member<\/span>&#8217;s share of the profits and losses of the <span class=\"dictionary\">limited liability company<\/span> and the <span class=\"dictionary\">member<\/span>&#8217;s right to receive <span class=\"dictionary\">distributions<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nNATURE OF INTEREST IN LIMITED LIABILITY COMPANY (\u00a7 13.1-1038)\n\nA membership interest in a limited liability company is personal property. The\nonly transferable interest of a member in the limited liability company is the\nmember&#8217;s share of the profits and losses of the limited liability company\nand the member&#8217;s right to receive distributions.\n\nHISTORY: 1991, c. 168; 2006, c. 912.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}