West Virginia Statutes
§ 31B-8-806 — Distribution of assets in winding up limited liability company's business
(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.
Free access — add to your briefcase to read the full text and ask questions with AI
West Virginia § 31B-8-806 (Distribution of assets in winding up limited liability company's business) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
1996 Reg. Sess., SB338
Nearby Sections
15
§ 31B-1-101
Definitions§ 31B-1-102
Knowledge and notice§ 31B-1-104
Supplemental principles of law§ 31B-1-105
Name§ 31B-1-106
Reserved name§ 31B-1-107
Registered name§ 31B-1-110
Resignation of agent for service of process§ 31B-1-111
Service of process§ 31B-1-112
Nature of business and powers§ 31B-1-114
Penalty for signing false document§ 31B-10-1001
Law governing foreign limited liability companies