§ 183.0707 — Disposition of assets in winding up.

Wisconsin § 183.0707

• Jurisdiction: Wisconsin
• Ch. 183: Uniform limited liability company law
• Subch.: subch. VII of ch. 183 SUBCHAPTER VII

Text

183.0707
183.0707(1) (1) In winding up its activities and affairs, a limited liability company shall apply its assets to discharge its obligations to creditors, including members that are creditors.
183.0707(2) (2) After a limited liability company complies with sub. (1) , any surplus must be distributed in the following order, subject to any charging order in effect under s. 183.0503 :
183.0707(2)(a) (a) To members and dissociated members in satisfaction of liabilities for distributions previously approved under s. 183.0404 .
183.0707(2)(b) (b) To members and dissociated members first for the return of their contributions in proportion to their respective values as specified in the records required to be kept under s. 183.0402 (2) , or, in the case of a company treated as a partnership for tax purposes, the partnership capital account of each such member.
183.0707(2)(c) (c) To members and dissociated members for their transferable interests in proportion to their respective rights to share in distributions from the limited liability company before dissolution, except to the extent necessary to comply with any transfer effective under s. 183.0502 .
183.0707(3) (3) If a limited liability company does not have sufficient surplus to comply with sub. (2) (a) , any surplus must be distributed among the owners of transferable interests in proportion to the value of the respective unreturned contributions.
183.0707(4) (4) All distributions made under subs. (2) and (3) must be paid in money.

Legislative History

183.0707 History History: 2021 a. 258 .