West Virginia § 31B-8-806 Distribution of assets in winding up limited liability company's business

West Virginia Statutes

§ 31B-8-806 — Distribution of assets in winding up limited liability company's business

West Virginia § 31B-8-806

Ch. 31BUNIFORM LIMITED LIABILITY COMPANY ACT

Art. 8WINDING UP COMPANY'S BUSINESS

This text of West Virginia § 31B-8-806 (Distribution of assets in winding up limited liability company's business) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 31B-8-806 (2026).

Text

(a)In winding up a limited liability company's business, the assets of the company must be applied to discharge its obligations to creditors, including members who are creditors. Any surplus must be applied to pay in money the net amount distributable to members in accordance with their right to distributions under subsection (b) of this section.

(b)Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares.

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(a) In winding up a limited liability company's business, the assets of the company must be applied to discharge its obligations to creditors, including members who are creditors. Any surplus must be applied to pay in money the net amount distributable to members in accordance with their right to distributions under subsection (b) of this section.

(b) Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares.