Michigan Compiled Laws 23-1993-3 Article 3 (450.4301...450.4308)

• Section 450.4301 Members; Contribution.
  (1) A contribution of a member to a limited liability company may consist of any tangible or intangible property or benefit to the company,...
• Section 450.4302 Promise By Member To Contribute; Enforcement; Obligation To Perform; Rights Of Company; Compromising Obligation; Enforcement By Creditor Of Original Member's Obligation.
  (1) A promise by a member to contribute to the limited liability company is not enforceable unless the promise is in writing and signed...
• Section 450.4303 Distribution Of Assets; Allocation; Manner; Basis.
  (1) Distributions of cash or other assets of a limited liability company shall be allocated among the members and among classes of members in...
• Section 450.4304 Distribution; Conditions For Receiving.
  (1) Except as otherwise provided in this act and subject to subsection (2), a member is entitled to receive a distribution from a limited...
• Section 450.4305 Distributions To Withdrawing Member.
  Until the effective date of withdrawal, a withdrawing member shall share in any distribution made in accordance with section 304. An operating agreement may...
• Section 450.4306 Distributions; Demand, Acceptance, And Receipt Of Distribution; Form.
  Except as provided in an operating agreement, a member, regardless of the nature of the member's contribution, has no right to demand and receive...
• Section 450.4307 Distributions Prohibited Under Certain Situations; Exceptions; Effect Of Distribution Under Subsection (1); Remedies Available; Future Payments To Withdrawing Members; Effect Of Subsection (1) On Third Party; Asserting Legal Or Equitable Rights.
  (1) Except as otherwise provided in subsection (5), a distribution shall not be made if, after giving the distribution effect, 1 or more of...
• Section 450.4308 Distribution; Violating Operating Agreement Or Mcl 450.4307; Liability Of Members Or Managers; Presumption Of Assent; Knowledge Of Violation; Contribution; Commencement Of Proceeding.
  (1) A member or manager that votes for or assents to a distribution in violation of an operating agreement or section 307 is personally...

Last modified: October 10, 2016