Effective: July 1, 1994
Latest Legislation: Senate Bill 74 - 120th General Assembly
Except as provided in writing in the operating agreement and regardless of the nature of his contribution, a member has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in writing in the operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company if the percentage of the asset distributed to him is greater or less than the percentage in which he shares in distributions from the company.
Last updated April 22, 2021 at 5:41 PM