275.247 Sale of assets other than in regular course of business.

112 words·~1 min read·/ky/chapter-275/275-247

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Except as may be otherwise provided in a written operating agreement, a limited

liability company may sell, lease, exchange, or otherwise dispose of all or

substantially all of its property with or without the good will, otherwise than in the

usual and regular course of business, on the terms and conditions and for the

consideration determined by a majority-in-interest of the members.

(2)Unless otherwise provided in the articles of organization or a written operating

agreement, no member shall have the right to dissent from a sale, lease, exchange,

or other disposition by a limited liability company of all or substantially all of its

property outside the ordinary course of business.