Rhode Island General Laws 7-16-28. Interim distributions
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Except as provided in this chapter, a member is entitled to receive distributions from a limited liability company before the withdrawal of the member from the limited liability company and before the dissolution and winding up of the limited liability company to the extent and at the times or upon the happening of the events upon which the members unanimously agree or as provided in the operating agreement.
History of Section.
P.L. 1992, ch. 280, § 1.
Terms Used In Rhode Island General Laws 7-16-28
- Member: means a person with an ownership interest in a limited liability company with the rights and obligations specified under this chapter. See Rhode Island General Laws 7-16-2
- Operating agreement: means any agreement, written or oral, of the members as to the affairs of a limited liability company and the conduct of its business. See Rhode Island General Laws 7-16-2