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

Wyoming Statutes

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

Wyoming § 17-29-708

Title 17Corporations, Partnerships and Associations

Ch. 29WYOMING LIMITED LIABILITY COMPANY ACT

Art. 7DISSOLUTION AND WINDING UP

This text of Wyoming § 17-29-708 (Distribution of assets in winding up limited liability company's activities) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 17-29-708 (2026).

Text

(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 effec

Free access — add to your briefcase to read the full text and ask questions with AI

(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.