Kentucky Statutes 275.210 – Distribution of cash or other assets
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Except as otherwise provided in KRS § 275.310, distributions of cash or other assets of a limited liability company shall be allocated among the members and among classes of members in the manner provided in writing in an operating agreement. If the operating agreement does not so provide in writing, each member shall share in any distribution on the basis of the agreed value, as stated in the records of the limited liability company as required by KRS § 275.185, of the contributions made by each member to the extent they have been received by the limited liability company and have not been returned. A member shall be entitled to receive distributions described in this section from a limited liability company to the extent and at the times or upon the happenings of the events specified in an operating agreement or at the times determined by the members or managers pursuant to KRS § 275.175.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 341, sec. 32, effective July 15, 1998. — Created
1994 Ky. Acts ch. 389, sec. 42, effective July 15, 1994.
Effective: July 15, 1998
Terms Used In Kentucky Statutes 275.210
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- managers: means , with respect to a limited liability company that has set forth in its articles of organization that it is to be managed by managers, the person or persons designated in accordance with KRS §. See Kentucky Statutes 275.015
- members: means a person or persons who have been admitted to membership in a limited liability company as provided in KRS §. See Kentucky Statutes 275.015
- Operating agreement: means any agreement, written or oral, among all of the members, as to the conduct of the business and affairs of a limited liability company. See Kentucky Statutes 275.015
History: Amended 1998 Ky. Acts ch. 341, sec. 32, effective July 15, 1998. — Created
1994 Ky. Acts ch. 389, sec. 42, effective July 15, 1994.