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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>346340</law_id><section_number>13.1-1040.2</section_number><catch_line>Effect of a member&amp;#8217;s dissociation</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="44" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="15" identifier="12">Virginia Limited Liability Company Act</unit><unit label="article" level="3" order_by="7" identifier="7">Rights of and Assignment by Members</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Except as provided in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, the dissociation of a <span class="dictionary">member</span> shall not affect the <span class="dictionary">membership interest</span> held by the dissociated <span class="dictionary">member</span> or the former <span class="dictionary">member</span>&#x2019;s successor in interest. The former <span class="dictionary">member</span> or successor in interest shall continue to hold a <span class="dictionary">membership interest</span> and shall have the same rights that an <span class="dictionary">assignee</span> of the <span class="dictionary">membership interest</span> would have under subsection A of &#xA7; <a class="law" title="Assignment of interest" href="/13.1-1039/">13.1-1039</a>. <a id="paragraph-1291073" class="section-permalink" href="https://vacode.org/13.1-1040.2/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> Except as provided in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, the dissociation of a <span class="dictionary">member</span> shall not cause the <span class="dictionary">limited liability company</span> to be dissolved or its affairs to be wound up, and, upon the occurrence of any such event, the <span class="dictionary">limited liability company</span> shall be continued without dissolution. <a id="paragraph-1291074" class="section-permalink" href="https://vacode.org/13.1-1040.2/#B"><i class="fa fa-link"/></a></p></section></text><history>2000, c. 581; 2006, c. 912.</history><metadata></metadata></law>
