§ 57C-6-05. Distribution of assets. - North Carolina Statutes

§57C‑6‑05.  Distribution of assets.

Upon the winding up of alimited liability company, its assets shall be applied as follows:

(1)        To creditors,including members who are creditors, to the extent permitted by law, insatisfaction of liabilities of the limited liability company other thanliabilities for distributions to members under G.S. 57C‑4‑04;

(2)        Except as providedin the articles of organization or a written operating agreement, to members orformer members in satisfaction of liabilities for distributions under G.S. 57C‑4‑04;and

(3)        Except as providedin the articles of organization or a written operating agreement, bydistribution to the members and to any former member whose event of withdrawalresulted in the dissolution in proportion to the agreed value, as stated in thelimited liability company records required to be kept pursuant to G.S. 57C‑3‑04(a)(5),of the contributions made by each such member and former member, after suchagreed values are adjusted by: (i) adding thereto the person's share of theprofits of the limited liability company, and (ii) deducting therefrom theperson's share of the losses of the limited liability company and alldistributions previously received by the person. (1993, c. 354, s. 1.)