LLC ownership is evidenced by an LLC interest.  The nature of this interest is determined by contract -- the LLC operating agreement -- or by statute.  Uncommon to most, your ownership in the LLC is actually split up into two parts: (1) transferable interest and (2) nontransferable interest. Transferable Interest and Nontransferable Interest The transferable interest is your economic right to receive distributions and share in the profits of the LLC.  The nontransferable interest includes your right to vote, obtain information (i.e. books and records) and that other than your transferable interest.  Together, both of these interests make up your LLC [...]