13.1-1030 - Sharing of distributions. - Virginia Statutes

§ 13.1-1030. Sharing of distributions.

Distributions of cash or other assets of a limited liability company shall beallocated among the members, and among classes of members, on the basisprovided in writing in the articles of organization or an operatingagreement. If the articles of organization or an operating agreement do notso provide in writing, distributions shall be made on the basis of the value,as stated in the limited liability company records required to be keptpursuant to § 13.1-1028, of the contributions made by each member to theextent they have been received by the limited liability company.

(1991, c. 168; 1995, c. 168; 1997, c. 190.)