§ 4-32-602 - Distributions on an event of dissociation. - Arkansas Statutes

4-32-602. Distributions on an event of dissociation.

Upon the occurrence of an event of dissociation under 4-32-802 which does not cause dissolution, other than an event of dissociation described in 4-32-802(a)(3)(B), a dissociating member is entitled to receive any distribution which the member was entitled to receive prior to the event of dissociation. If an operating agreement does not provide the amount of or a method for determining the distribution to a dissociating member, the member shall receive within a reasonable time after dissociation the fair value of the member's interest in the limited liability company as of the date of dissociation based upon the member's right to share in distributions from the limited liability company.