§ 17-29-708 — Distribution of assets in winding up limited liability company's activities

(a) In winding up its activities, a limited liability
company shall apply its assets to discharge its obligations to
creditors, including members that are creditors.
(b) After a limited liability company complies with
subsection (a) of this section, any surplus shall be distributed
in the following order, subject to any charging order in effect
under W.S. 17-29-503:
(i) To each person owning a transferable interest
that reflects contributions made by a member and not previously
returned, an amount equal to the value of the unreturned
contributions; and
(ii) In equal shares among members and dissociated
members, except:
(A) To the extent otherwise provided in a
written or verbal operating agreement as set forth in W.S.
17-29-110;
(B) To the extent necessary to comply with any
transfer effective under W.S. 17-29-502; or
(C) 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.
(c) If a limited liability company does not have
sufficient surplus to comply with paragraph (b)(i) of this
section, any surplus shall be distributed among the owners of
transferable interests in proportion to the value of their
respective unreturned contributions.
(d) Repealed by Laws 2017, ch. 51, § 2.