The capital contribution of a member to a limited liability company may be in cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services.
(a) (1) Unless otherwise agreed, a member is obligated to the limited liability company to perform any promises set forth in the articles of organization or operating agreement to contribute cash or property or to perform services, even if the member is unable to perform because of death, disability, or other reason. (2) If a member does not […]
Unless otherwise agreed: (1) The profits and losses of a limited liability company shall be allocated among the members in proportion to their respective capital contribution values; and (2) Distributions by the limited liability company shall be made to the members in proportion to their right to share in the profits of the limited liability company.
Unless otherwise agreed, a member, regardless of the nature of the member’s contribution, has no right to demand and receive any distribution from a limited liability company in a form other than cash.
Unless otherwise agreed, a member of a limited liability company who becomes entitled to receive a distribution has the status of, and is entitled to all remedies available to, a creditor of the limited liability company with respect to the distribution.
