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Md. Code Ann., Corps. & Ass'ns § 4A-906

Known as the Maryland Limited Liability Company Act

The act spans §§ 4–4 (127 sections).

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

(1) To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of the liabilities of the limited liability company; and

(2) Unless otherwise agreed, to the members in proportion to their respective capital contribution values, after the capital contribution values are adjusted by:

(i) Adding to the members’ capital contribution values their respective shares of the profits of the limited liability company; and

(ii) Deducting from the members’ capital contribution values their respective shares of the losses of the limited liability company and all distributions previously received by the members.

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