Arizona Revised Statutes § 29-708 Distribution On Winding Up

29-708. Distribution on winding up

On the winding up of a limited liability company, its assets shall be applied and distributed in the following order:

1. To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited liability company other than liabilities for distributions to members and former members under section 29-703 or 29-707.

2. Except as provided in an operating agreement, to members and former members in satisfaction of liabilities for distributions under section 29-703 or 29-707.

3. To the members in the manner provided in section 29-703, subsection B.

Section: Previous  29-701  29-702  29-703  29-704  29-705  29-706  29-707  29-708  29-709  29-731  29-732  29-732.01  29-733  29-734  29-751  Next

Last modified: October 13, 2016