Rhode Island H7339 allows members of a limited-liability company to prevent dissolution by purchasing the membership interest of members seeking.

Rhode Island H7339 amends the Rhode Island Limited-Liability Company Act to allow members of a limited-liability company to avoid dissolution by purchasing the membership interest of members seeking dissolution. If a member or members file a petition for dissolution, other members can elect to purchase the membership interest at its fair market value. The court determines the fair market value and allocates costs of the proceeding between the parties. Upon full payment, the petitioner transfers the membership interest to the purchasers. This act takes effect upon passage.

Rhode Island H7339 allows members of a limited-liability company to prevent dissolution by purchasing the membership interest of members seeking.

Rhode Island H7339 amends the Rhode Island Limited-Liability Company Act to allow members of a limited-liability company to avoid dissolution by purchasing the membership interest of members seeking dissolution. If a member or members file a petition for dissolution, other members can elect to purchase the membership interest at its fair market value. The court determines the fair market value and allocates costs of the proceeding between the parties. Upon full payment, the petitioner transfers the membership interest to the purchasers. This act takes effect upon passage.