§ 23-18-9-6 — Distribution of assets

Indiana § 23-18-9-6

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 18: LIMITED LIABILITY COMPANIES
• Ch. 9: Voluntary Dissolution

Text

Upon the winding up of a limited liability
company, the assets must be distributed as follows:
(1) To creditors, including members and managers who are
creditors to the extent permitted by law, to satisfy the liabilities of
the limited liability company whether by payment or by the
establishment of adequate reserves except for liabilities for
distributions to members under IC 23-18-5-4, and IC 23-18-5-5
or IC 23-18-5-5.1.
(2) Unless otherwise provided in a written operating agreement,
to members and former members to satisfy the liabilities for
distributions under IC 23-18-5-4 and IC 23-18-5-5.
(3) Unless otherwise provided in a written operating agreement,
to members in proportion to the returned contribution.

Legislative History

As added by P.L.8-1993, SEC.301. Amended by P.L.269-1999, SEC.16.