[§428-806] Distribution of assets in winding up the limited liability company's business. (a) In winding up a limited liability company's business, the assets of the company shall be used to discharge its obligations to creditors, including members who are creditors. Any surplus shall be used to pay in money the net amount distributable to members in accordance with their rights to distribution under subsection (b).
(b) Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares. [L 1996, c 92, pt of §1]
Section: Previous 428-703 428-704 428-801 428-802 428-803 428-804 428-805 428-806 428-807 428-808 428-809 428-810 428-811 428-812 428-901 NextLast modified: October 27, 2016