Distributions of cash or other assets of a limited liability company before the dissolution and winding up of the limited liability company shall be allocated among the members, and among classes of members, in the manner provided in the articles of organization or any operating agreement. If neither the articles of organization nor any operating […]
Except as provided in ORS 63.205 to 63.235, a member is entitled to receive distributions from a limited liability company before the member’s withdrawal 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 occurrence of the events […]
(1) A member may voluntarily withdraw from a limited liability company: (a) At the time or upon the occurrence of events specified in the articles of organization or any operating agreement; or (b) Upon not less than six months’ prior written notice to the limited liability company, unless the articles of organization or any operating […]
(1) A member may be expelled from a limited liability company: (a) In accordance with a written provision in the articles of organization or any operating agreement; or (b) Except as otherwise provided in writing in the articles of organization or any operating agreement, by a court, upon application of any member, if the court […]
Except as provided in the articles of organization or any operating agreement: (1) No member, regardless of the nature of the member’s contribution, has any right to demand and receive any distribution from a limited liability company in any form other than cash; and (2) No member may be compelled to accept a distribution of […]
When a member becomes entitled to receive a distribution, the 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. [1993 c.173 §45]
(1) A distribution may be made by a limited liability company to any member only if, after giving effect to the distribution, in the judgment of the members, for a member-managed limited liability company, or the managers, for a manager-managed limited liability company: (a) The limited liability company would be able to pay its debts […]
(1) A member of a member-managed limited liability company or a member or manager of a manager-managed company who votes for or assents to a distribution made in violation of ORS 63.229, the articles of organization or any operating agreement, is personally liable to the limited liability company for the amount of the distribution that […]
