Your Limited Liability Company by Anthony Mancuso

Author:Anthony Mancuso [Mancuso Attorney Anthony]
Language: eng
Format: epub
ISBN: 978-1-4133-1907-1
Publisher: Nolo
Published: 2010-10-16T16:00:00+00:00

CAUTION

You could be on the hook for invalid distributions. Members or managers who approve a distribution in violation of the statutory standard can be held personally liable for the amount of the invalid distribution.

Some states have no statutory standards for paying out profits. In these states, a state court, if faced with a legal challenge to a distribution brought by a disgruntled member or creditor, will probably apply standards similar to those listed above.

TIP

Check your articles and your operating agreement for rules on distributions. Check your articles and operating agreement to see if any rules are set out for when and how distributions may be made. If you need more information, check your state LLC act. (See Appendix B to locate your state LLC act online.)

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