§ 7-16-46 - Distribution of assets. - Rhode Island Statutes

SECTION 7-16-46

   § 7-16-46  Distribution of assets. –On the winding up of a limited liability company, the assets shall bedistributed as follows:

   (1) To creditors, including members who are creditors, to theextent permitted by law, in satisfaction of liabilities of the limitedliability company other than liabilities for distributions to members under§ 7-16-28 or § 7-16-29;

   (2) Except as provided in the articles of organization orwritten operating agreement, to members or former members in satisfaction ofliabilities for distributions under § 7-16-28 or § 7-16-29; and

   (3) Except as provided in the articles of organization or awritten operating agreement, to members and former members first to returntheir capital values and second in proportions in which the members share indistributions.