§ 4A-906
114 words·~1 min read·
/md/corporations-and-associations/4a-906·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4A–906.
On the winding up and termination of a limited liability company, the assets shall be distributed as follows:
(1)To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of the liabilities of the limited liability company; and
(2)Unless otherwise agreed, to the members in proportion to their respective capital contribution values, after the capital contribution values are adjusted by:
(i)Adding to the members’ capital contribution values their respective shares of the profits of the limited liability company; and
(ii)Deducting from the members’ capital contribution values their respective shares of the losses of the limited liability company and all distributions previously received by the members.