Section 906 - Distribution of assets. - Maryland Statutes

§ 4A-906. Distribution of assets.
 

On the winding up and termination of a limited liability company, the assets shall be distributed as follows: 

(1) To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of the liabilities of the limited liability company; and 

(2) Unless otherwise provided by the operating agreement, to the members in proportion to their respective capital interests, after the capital interests are adjusted by: 

(i) Adding to the members' capital interests their respective shares of the profits of the limited liability company; and 

(ii) Deducting from the members' capital interests their respective shares of the losses of the limited liability company and all distributions previously received by the members. 
 

[1992, ch. 536; 1997, ch. 659, § 2.]