A South Carolina Disclaimer of All Rights Under Operating Agreement by Successor to Party to Agreement is a legal document that allows a successor to a party in an operating agreement to disclaim any rights or privileges granted under the agreement. In South Carolina, there are different types of Disclaimers of All Rights Under Operating Agreement that can be utilized depending on the specific circumstances: 1. Successor's Disclaimer of All Rights: This type of disclaimer is used when a successor intends to disclaim all the rights and privileges granted to them through acquiring a party's interest in an operating agreement. By disclaiming these rights, the successor essentially relinquishes any entitlements, obligations, or authority previously held. 2. Limited Disclaimer of Specific Rights: This category of disclaimer applies when a successor wants to disclaim only certain specific rights or privileges granted under the operating agreement. It allows for a selective relinquishment of particular provisions while still retaining other entitlements. 3. Temporary Disclaimer of All Rights: This type of disclaimer is utilized when a successor wants to temporarily disclaim all the rights, obligations, and privileges granted in the operating agreement for a specific timeframe. It provides a temporary release from the responsibilities and commitments outlined in the agreement. 4. Perpetual Disclaimer of All Rights: In this case, the successor permanently disclaims all the rights, privileges, and obligations granted under the operating agreement. This disclaimer is irrevocable and generally results in a complete separation from the partnership or business. The South Carolina Disclaimer of All Rights Under Operating Agreement by Successor to Party to Agreement is an essential legal document that clarifies the intentions of a successor regarding their rights and obligations under an operating agreement. It ensures transparency and protects the interests of both parties involved while maintaining compliance with South Carolina's legal framework.
South Carolina Disclaimer of All Rights Under Operating Agreement by Successor to Party to Agreement
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SECTION 33-44-202. Organization. (a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the office of the Secretary of State for filing.
South Carolina Code of Laws Sections 33-44-108 through 33-44-111 contain the state law governing registered agents for limited liability companies. This includes the need to have an agent and office for service of process, the procedures for changing the agent or office, and what an agent must do to resign.
S.C. Code Ann. § 33-44-504(e) provides that Section is the exclusive remedy by which a judgment creditor may satisfy a judgment out of the distributional interests in an LLC.
SECTION 33-44-303. Liability of members and managers. (a) Except as otherwise provided in subsection (c), the debts, obligations, and liabilities of a limited liability company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the company.
Title 33 - Corporations, Partnerships and Associations. Chapter 44 - UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996. Section 33-44-1002 - Application for certificate of authority. (8) whether the members of the company are to be liable for its debts and obligations under a provision similar to Section 33-44-303(c).
The Secretary of State may commence a proceeding to dissolve a limited liability company administratively if the company does not pay a fee, tax, or penalty imposed by this chapter or other law within sixty days after it is due.
