§ 23-18-5-4 — Shared distributions of cash or other assets

Indiana § 23-18-5-4

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 5: Finance

Text

Except as provided in section 5 or 5.1 of this
chapter and IC 23-18-9-6, distributions of cash or other assets of a
limited liability company must be shared among the members and
among classes of members in the manner provided in the operating
agreement. If the operating agreement does not provide otherwise,
distributions must be allocated on the basis of the agreed value, as
stated in the records of the limited liability company, of the
contributions made by each member to the extent the contributions
have been received by the limited liability company and not previously
returned. A member is entitled to receive distributions described in this
section from a limited liability company to the extent and at the times
or upon the happening of the events specified in the operating
agreement or at the times determined by the members or managers, if
any, voting under IC 23-18-4-3.

Legislative History

As added by P.L.8-1993, SEC.301. Amended by P.L.269-1999, SEC.3.