Rhode Island § 7-16-46 § 7-16-46. Distribution of assets.

Rhode Island Statutes

§ 7-16-46 — § 7-16-46. Distribution of assets.

Rhode Island·Title 7 Corporations, Associations and Partnerships·Ch. 7-16 The Rhode Island Limited Liability Company Act

§ 7-16-46. Distribution of assets.
On the winding up 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 liabilities of the limited liability company other than liabilities
            for distributions to members under § 7-16-28 or § 7-16-29;
         
(2) Except as provided in the articles of organization or written operating agreement,
            to members or former members in satisfaction of liabilities for distributions under
            § 7-16-28 or § 7-16-29; and
         <

Free access — add to your briefcase to read the full text and ask questions with AI

§ 7-16-46. Distribution of assets.

On the winding up 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 liabilities of the limited liability company other than liabilities for distributions to members under § 7-16-28 or § 7-16-29;

(2) Except as provided in the articles of organization or written operating agreement, to members or former members in satisfaction of liabilities for distributions under § 7-16-28 or § 7-16-29; and

(3) Except as provided in the articles of organization or a written operating agreement, to members and former members first to return their capital values and second in proportions in which the members share in distributions.

Rhode Island § 7-16-46 (§ 7-16-46. Distribution of assets.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.