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Ark. Code Ann. § 4-32-603

Distribution in kind

Known as the Small Business Entity Tax Pass Through Act

The act spans §§ 4–4 (91 sections).

Applied in 1 court decision — leading case Lieberman v. Wyoming. Com LLC (2000)

Most recently applied in Lieberman v. Wyoming. Com LLC (September 2000)

Acts 1993, No. 1003, § 603.

Unless otherwise provided in an operating agreement:

(1) A member, regardless of the nature of the member's contribution, has no right to demand and receive any distribution from the limited liability company in any form other than cash; and

(2) A member may not be compelled to accept from the limited liability company a distribution of any asset in kind to the extent that the percentage of the asset distributed to the member exceeds the percentage that the member would have shared in a cash distribution equal to the value of the property at the time of distribution.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.