Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 504
Sharing of distributions
Limited Liability Company Law (LLC) CHAPTER 34, ARTICLE 5
§ 504. Sharing of distributions. Distributions of cash or other assets
of a limited liability company shall be allocated among the members, and
among classes of members, if any, in the manner provided in the
operating agreement, which may, among other things, establish record
dates for distributions. If the operating agreement does not so provide,
distributions shall be allocated on the basis of the value, as stated in
the records of the limited liability company, if so stated, of the
contributions of each member, but not including defaulted obligations to
make contributions, to the extent they have been received by or promised
to the limited liability company and have not been returned to any such
member.