District Of Columbia § 29-805.02 - Transfer of transferable interest.
Full text of District Of Columbia D.C. Code § 29-805.02 — Transfer of transferable interest., with citation guidance and answers to common questions.
§ 29-805.02. Transfer of transferable interest.
29-805.02Subject to , a transfer, in whole or in part, of a transferable interest:
Is permissible;
Shall not by itself cause a member’s dissociation or a dissolution and winding up of the limited liability company’s activities and affairs; and
Subject to , shall not entitle the transferee to:
Participate in the management or conduct of the company’s activities and affairs; or
Except as otherwise provided in subsection (c) of this section, have access to records or other information concerning the company’s activities and affairs.
A transferee shall have the right to receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled.
In a dissolution and winding up of a limited liability company, a transferee shall be entitled to an account of the company’s transactions only from the date of dissolution.
A transferable interest may be evidenced by a certificate of the interest issued by the limited liability company in a record, and, subject to this section, the interest represented by the certificate may be transferred by a transfer of the certificate.
A limited liability company need not give effect to a transferee’s rights under this section until the company has notice of the transfer.
A transfer of a transferable interest in violation of a restriction on transfer contained in the operating agreement shall be ineffective as to a person having notice of the restriction at the time of transfer.
Except as otherwise provided in , when a member transfers a transferable interest, the transferor shall retain the rights of a member other than the interest in distributions transferred and shall retain all duties and obligations of a member.
If a member transfers a transferable interest to a person that becomes a member with respect to the transferred interest, the transferee shall be liable for the member’s obligations under §§ and known to the transferee when the transferee becomes a member.
Annotations
Application of Law 19-210: Section 7 of provided that the act shall apply as of January 1, 2012.
Uniform Law: This section is based on § 502 of the Uniform Limited Company Act (2006 Act).
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 29-805.02
What does D.C. Code § 29-805.02 cover?
Section 29-805.02 ("Transfer of transferable interest.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 29-805.02?
A common citation format is "D.C. Code § 29-805.02" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 29-805.02 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.