§3055. Sharing of profits and losses and right to distributions

Link to law: http://legislature.vermont.gov/statutes/section/11/021/03055
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

021

:
LIMITED LIABILITY COMPANIES






Subchapter

004
:
RELATIONS OF MEMBERS TO EACH OTHER AND TO LIMITED LIABILITY COMPANY








[Section 3055 repealed effective July 1, 2016.]

[Section 3055 repealed effective July 1,

2016.]

§

3055. Sharing of profits and losses and right to distributions

(a) The profits

and losses of a limited liability company shall be allocated among the members

or the holders of distributional interests, as the case may be, in proportion

to the agreed value, as stated in the limited liability company records

required to be kept under this chapter, of the contributions made by each

member, taking into account variations in the capital contributions of each

member during the period for which such allocations are made.

(b) Any

distributions made by a limited liability company before its dissolution and

winding up shall be made among the members or the holders of distributional

interests, as the case may be, in proportion to the agreed value, as stated in

the limited liability company records required to be kept under this chapter,

of the contributions made by each member as of the date of such distribution.

(c) A member has

no right to receive, and may not be required to accept, a distribution in kind.

(d) If 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. (Added 1995, No. 179 (Adj. Sess.), §

4.)
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