608.444 Distribution of assets upon dissolution. - Florida Statutes

608.444 Distribution of assets upon dissolution.

In settling accounts after dissolution of a limited liability company, the assets of the limited liability company must be distributed in the following order:

   (1) To creditors, including members who are creditors, to the extent permitted by law in satisfaction of liabilities of the limited liability company, whether by payment or establishment of reserves, other than liabilities for distributions to members under s. 608.426 or s. 608.427.

   (2) Except as provided in the operating agreement, to members and former members in satisfaction of liabilities for distributions under s. 608.426 or s. 608.427.

   (3) Except as provided in the articles of organization or the operating agreement, to members pro rata in proportion to their then-current percentage, or other interests in the profits, of the limited liability company.

History. s. 2, ch. 82-177; s. 43, ch. 93-284; s. 1, ch. 99-315; s. 25, ch. 2002-272.