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 § 7-16-46

Title 7Corporations, Associations and Partnerships

Ch. 7-16The Rhode Island Limited Liability Company Act

This text of Rhode Island § 7-16-46 (§ 7-16-46. Distribution of assets.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 7-16-46 (2026).

Text

§ 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
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§ 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.