611 – Business Transactions of a Member With the Limited Liability Company.
§ 611. Business transactions of a member with the limited liability company. Except as may be provided in the operating agreement, a member may lend money to, borrow money from, act as a guarantor or surety for, provide collateral for the obligations of and transact other business with the limited liability company and, subject to […]
701 – Dissolution.
§ 701. Dissolution. (a) A limited liability company is dissolved and its affairs shall be wound up upon the first to occur of the following: (1) the latest date on which the limited liability company is to dissolve, if any, provided in the articles of organization, or the time specified in the operating agreement, but […]
702 – Judicial Dissolution.
§ 702. Judicial dissolution. On application by or for a member, the supreme court in the judicial district in which the office of the limited liability company is located may decree dissolution of a limited liability company whenever it is not reasonably practicable to carry on the business in conformity with the articles of organization […]
601 – Nature of Membership Interest.
§ 601. Nature of membership interest. A membership interest in the limited liability company is personal property. A member has no interest in specific property of the limited liability company.
602 – Admission of Members.
§ 602. Admission of members. (a) A person becomes a member of a limited liability company on the later of: (1) the effective date of the initial articles of organization; or (2) the date as of which the person becomes a member pursuant to this section or the operating agreement; provided, however, that if such […]
603 – Assignment of Membership Interest.
§ 603. Assignment of membership interest. (a) Except as provided in the operating agreement, (1) a membership interest is assignable in whole or in part; (2) an assignment of a membership interest does not dissolve a limited liability company or entitle the assignee to participate in the management and affairs of the limited liability company […]
503 – Sharing of Profits and Losses.
§ 503. Sharing of profits and losses. The profits and losses of a limited liability company shall be allocated among the members, and among the classes of members, if any, in the manner provided in the operating agreement. If the operating agreement does not so provide, profits and losses shall be allocated on the basis […]
504 – Sharing of Distributions.
§ 504. Sharing of distributions. Distributions of cash or other assets of a limited liability company shall be allocated among the members, and among classes of members, if any, in the manner provided in the operating agreement, which may, among other things, establish record dates for distributions. If the operating agreement does not so provide, […]
505 – Distributions in Kind.
§ 505. Distributions in kind. (a) Except as provided in the operating agreement, a member, regardless of the nature of his or her contribution, has no right to demand and receive any distribution from the limited liability company in any form other than cash. (b) Except as provided in the operating agreement, a member may […]
506 – Right to Distribution.
§ 506. Right to distribution. Subject to sections five hundred eight and seven hundred four of this chapter, at the time a member becomes entitled to receive a distribution, such member has the status of, and is entitled to all remedies available to, a creditor of the limited liability company with respect to the distribution.