Vermont Statutes Title 11 Sec. 4106
Terms Used In Vermont Statutes Title 11 Sec. 4106
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Business: includes every trade, occupation, profession, and other lawful purpose, whether or not carried on for profit. See
- Distribution: means a transfer of money or property from a limited liability company to a member in the member's capacity as a member or to a transferee of the member's distributional interest. See
- Member: means a person that has become a member of a limited liability company under section 4051 of this title and has not dissociated under section 4081 of this title. See
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
§ 4106. 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 shall be applied to discharge its obligations to creditors, including members who are creditors. Any surplus shall 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 proportion to each member’s capital contributions. (Added 2015, No. 17, § 2.)