347.101. Distributions required, when--manner.

Distributions required, when--manner.

347.101. 1. Except as provided in section 347.109, alimited liability company shall make distributions of cash orother property to its members before the dissolution and windingup of the limited liability company at the times or upon thehappening of the events specified in the operating agreement or,if the operating agreement does not so specify, then at suchtimes as may be approved by a majority of the authorized persons.

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

(1) First, distributions shall be shared among the membersin proportion to the amount of cash contributions and the valueof other contributions, as stated in the operating agreement orthe records required to be kept pursuant to section 347.091, madeby them, respectively, until each member has been returned hiscontributions; and

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

(L. 1993 S.B. 66 & 20 § 359.756)

Effective 12-1-93