Code of Virginia § 13.1-1049. Distribution of assets upon dissolution.
134 words·~1 min read·
/va/title-13-1/chapter-12/13-1-1049·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 of the limited liability company shall be distributed as follows:
1. To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited liability company other than for distributions to members under § 13.1-1031 ;
2. Unless otherwise provided in the articles of organization or an operating agreement, to members and former members in satisfaction of liabilities for distributions under § 13.1-1031 ; and
3. Unless otherwise provided in the articles of organization or an operating agreement, to members first for the return of their contributions and second with respect to their interests in the limited liability company, in the proportions in which the members share in distributions.
1991, c. 168; 1996, c. 265 .