§ 17-29-404 — Sharing of and right to distributions before dissolution

(a) Any distributions made by a limited liability company
before its dissolution and winding up shall be in equal shares
among members and dissociated members, except:
(i) To the extent otherwise provided in a written or
verbal operating agreement as set forth in W.S. 17-29-110;
(ii) To the extent necessary to comply with any
transfer effective under W.S. 17-29-502 and any charging order
in effect under W.S. 17-29-503; or
(iii) To the extent otherwise represented by the
company through an authorized representative in tax filings with
the Internal Revenue Service in which the status elected by the
company is not timely disputed by any member.
(b) A person has a right to a distribution before the
dissolution and winding up of a limited liability company only
if the company decides to make an interim distribution. A
person's dissociation does not entitle the person to a
distribution.
(c) A person does not have a right to demand or receive a
distribution from a limited liability company in any form other
than money. Except as otherwise provided in W.S. 17-29-708(c),
a limited liability company may distribute an asset in kind if
each part of the asset is fungible with each other part and each
person receives a percentage of the asset equal in value to the
person's share of distributions.
(d) If a member or transferee becomes entitled to receive
a distribution, the member or transferee has the status of, and
is entitled to all remedies available to, a creditor of the
limited liability company with respect to the distribution.