275.310 Distribution of assets.

126 words·~1 min read·/ky/chapter-275/275-310

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

Upon the winding up of a limited liability company, the assets shall be distributed as follows:

(1)First, payment or adequate provisions for payment shall be made to creditors,

including, to the extent permitted by law, members who are creditors in satisfaction

of liabilities of the limited liability company;

(2)Second, unless otherwise provided in a written operating agreement, to members

and assignees in satisfaction of liabilities for distributions under KRS 275.210; and

(3)Third, unless otherwise provided in a written operating agreement, to members and

assignees for the return of their contributions; and

(4)Fourth, unless otherwise provided in a written operating agreement, to members and

assignees in proportion to their respective rights to share in distributions from the

limited liability company prior to dissolution.