When a person is dissociated as a member of a limited liability company: The person’s right to participate as a member in the management and conduct of the company’s activities and affairs shall terminate; If the company is member-managed, the person’s duties and obligations under § 29-804.09 end with regard to matters arising and events occurring after the person’s dissociation; and Subject to § 29-805.04 , subchapter IX of this chapter , and Chapter 2 of this title , any transferable interest owned by the person immediately before dissociation in the person’s capacity as a member is owned by the person solely as a transferee. A person’s dissociation as a member of a limited liability company shall not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member.
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