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This entry was published on 2014-09-22
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Distribution upon withdrawal
Limited Liability Company Law (LLC) CHAPTER 34, ARTICLE 5
§ 509. Distribution upon withdrawal. Except as provided in this
chapter, upon withdrawal as a member of the limited liability company,
any withdrawing member is entitled to receive any distribution to which
he or she is entitled under the operating agreement and, if not
otherwise provided in the operating agreement, he or she is entitled to
receive, within a reasonable time after withdrawal, the fair value of
his or her membership interest in the limited liability company as of
the date of withdrawal based upon his or her right to share in
distributions from the limited liability company.