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Title 17 Corporations, Partnerships and Associations

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Change 1

What to do with it
As published

17-29-708. Distribution of assets in winding up limited liability company's activities.

(a) In winding up its activities, a limited liability company shall apply its assets to discharge its obligations to creditors, including members that are creditors. (b) After a limited liability company complies with subsection (a) of this section, any surplus shall be distributed in the following order, subject to any charging order in effect under W.S. 17-29-503: (i) To each person owning a transferable interest that reflects contributions made by a member and not previously returned, an amount equal to the value of the unreturned contributions; and (ii) In equal shares among members and dissociated members, except: (A) To the extent otherwise provided in a written or verbal operating agreement as set forth in W.S. 17-29-110; (B) To the extent necessary to comply with any transfer effective under W.S. 17-29-502; or (C) To the extent otherwise represented by the company through an authorized representative in tax filings with the Internal Revenue Service in which the status elected by the company is not timely disputed by any member. (c) If a limited liability company does not have sufficient surplus to comply with paragraph (b)(i) of this section, any surplus shall be distributed among the owners of transferable interests in proportion to the value of their respective unreturned contributions. (d) Repealed by Laws 2017, ch. 51, § 2.

Your change, as a redline

17-29-708. Distribution of assets in winding up limited liability company's activities.

(a) In winding up its activities, a limited liability company shall apply its assets to discharge its obligations to creditors, including members that are creditors. (b) After a limited liability company complies with subsection (a) of this section, any surplus shall be distributed in the following order, subject to any charging order in effect under W.S. 17-29-503: (i) To each person owning a transferable interest that reflects contributions made by a member and not previously returned, an amount equal to the value of the unreturned contributions; and (ii) In equal shares among members and dissociated members, except: (A) To the extent otherwise provided in a written or verbal operating agreement as set forth in W.S. 17-29-110; (B) To the extent necessary to comply with any transfer effective under W.S. 17-29-502; or (C) To the extent otherwise represented by the company through an authorized representative in tax filings with the Internal Revenue Service in which the status elected by the company is not timely disputed by any member. (c) If a limited liability company does not have sufficient surplus to comply with paragraph (b)(i) of this section, any surplus shall be distributed among the owners of transferable interests in proportion to the value of their respective unreturned contributions. (d) Repealed by Laws 2017, ch. 51, § 2.

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