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Title 17 Corporations, Partnerships and Associations

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Change 1

What to do with it
As published

17-25-107. Withdrawal of members and return of members' contributions to capital.

(a) A member may only withdraw from a close limited liability company upon the terms and conditions set forth in the operating agreement. If no terms and conditions for withdrawal of a member are set forth in the company’s operating agreement, a member may withdraw only with the consent of all other members of the company. (b) A member shall not receive out of close limited liability company property any part of his or its contribution to capital unless: (i) All liabilities of the company, except liabilities to members on account of their contributions to capital, have been paid or there remains property of the company sufficient to pay them; and (ii) All members consent to such return of contributions to capital; and either: (A) The company is dissolved; or (B) The articles of organization or operating agreement of the company otherwise provide for the return of contributions to capital. (iii) Repealed By Laws 2008, Ch. 116, § 2. (iv) Repealed By Laws 2008, Ch. 116, § 2. (c) In the absence of a statement in the articles of organization to the contrary or the consent of all members of the close limited liability company, a member, irrespective of the nature of his or its contribution, has only the right to demand and receive cash in return for his or its contribution to capital. (d) A member of a close limited liability company may not have the company dissolved for a failure to return his or its contribution to capital.

Your change, as a redline

17-25-107. Withdrawal of members and return of members' contributions to capital.

(a) A member may only withdraw from a close limited liability company upon the terms and conditions set forth in the operating agreement. If no terms and conditions for withdrawal of a member are set forth in the company’s operating agreement, a member may withdraw only with the consent of all other members of the company. (b) A member shall not receive out of close limited liability company property any part of his or its contribution to capital unless: (i) All liabilities of the company, except liabilities to members on account of their contributions to capital, have been paid or there remains property of the company sufficient to pay them; and (ii) All members consent to such return of contributions to capital; and either: (A) The company is dissolved; or (B) The articles of organization or operating agreement of the company otherwise provide for the return of contributions to capital. (iii) Repealed By Laws 2008, Ch. 116, § 2. (iv) Repealed By Laws 2008, Ch. 116, § 2. (c) In the absence of a statement in the articles of organization to the contrary or the consent of all members of the close limited liability company, a member, irrespective of the nature of his or its contribution, has only the right to demand and receive cash in return for his or its contribution to capital. (d) A member of a close limited liability company may not have the company dissolved for a failure to return his or its contribution to capital.

One line that says what changes, such as "Halve the dog tax".

Who it helps, what it costs, what it fixes. It is what persuades people to support it.

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