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KRS 275.310

Distribution of assets

Known as the Kentucky Limited Liability Company Act

The act spans §§ 275.001 to 275.540 (110 sections).

Effective: July 15, 2010 History: Amended 2010 Ky

Upon the winding up of a limited liability company, the assets shall be distributed as follows:

(1) First, payment or adequate provisions for payment shall be made to creditors, including, to the extent permitted by law, members who are creditors in satisfaction of liabilities of the limited liability company;

(2) Second, unless otherwise provided in a written operating agreement, to members and assignees in satisfaction of liabilities for distributions under KRS 275.210; and (3) Third, unless otherwise provided in a written operating agreement, to members and assignees for the return of their contributions; and (4) Fourth, unless otherwise provided in a written operating agreement, to members and assignees in proportion to their respective rights to share in distributions from the limited liability company prior to dissolution.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.