§ 23-18-5-5.1 — Dissociation; companies formed after June 30, 1999

Indiana § 23-18-5-5.1

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

Text

1. (a) A limited liability company formed
under this article after June 30, 1999, is governed by this section.
(b) Upon the occurrence of an event of dissociation under IC 23-18-6-5, a dissociating member is entitled to receive:
(1) any distribution that the member is entitled to under this
article or the operating agreement; and
(2) unless otherwise provided in the operating agreement, within
a reasonable time after dissociation, the fair value of the member's
interest in the limited liability company as of the date of
dissociation based on the member's right to share in distributions
from the limited liability company, less a distribution received
under subdivision (1).

Legislative History

As added by P.L.269-1999, SEC.5. Amended by P.L.130-2006, SEC.30.