Sharing of and right to distributions
Known as the South Carolina Uniform Limited Liability Company Act
The act spans §§ 33–33 (94 sections).
Applied in 1 court decision — leading case Mazloom v. Mazloom (2009)
Most recently applied in Mazloom v. Mazloom (January 2009)
1996 Act No. 343, SECTION 2.
(a) Any distributions made by a limited liability company before its dissolution and winding up must be in equal shares.
(b) A member has no right to receive, and may not be required to accept, a distribution in kind.
(c) If a member becomes entitled to receive a distribution, the member has the status of, and is entitled to all remedies available to, a creditor of the limited liability company with respect to the distribution.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.