347.101. Distributions required, when — manner.

223 words·~1 min read·/mo/chapter-347/347-101

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

347.101. Distributions required, when — manner. — 1. Except as provided in section 347.109 , a limited liability company shall make distributions of cash or other property to its members before the dissolution and winding up of the limited liability company at the times or upon the happening of the events specified in the operating agreement or, if the operating agreement does not so specify, then at such times as may be approved by a majority of the authorized persons.

2. Distributions of cash or other property to members by a limited liability company before the dissolution and winding up of a limited liability company shall be shared among the members, and among classes of members, in the manner and in the relative priorities provided in the operating agreement. If the operating agreement does not so provide, distributions shall be shared among the members in the following manner:

(1)First, distributions shall be shared among the members in proportion to the amount of cash contributions and the value of other contributions, as stated in the operating agreement or the records required to be kept pursuant to section 347.091 , made by them, respectively, until each member has been returned his contributions; and

(2)Second, distributions shall be shared by the members equally.

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(L. 1993 S.B. 66 & 20 § 359.756)

Effective 12-01-93