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Virginia · Through 9/4/2026 · Newer source version available

Va. Code § 13.1-1034: Distribution in kind

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Where this section sits in the code
  1. Title 13.1. CORPORATIONS
  2. Chapter 12. VIRGINIA LIMITED LIABILITY COMPANY ACT
  3. Article 6. FINANCE

Except as provided in writing in the articles of organization or an operating agreement, a member, regardless of the nature of his or its contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in writing in the articles of organization or an operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed to him or it exceeds a percentage of that asset which his or its membership interest constitutes of all membership interests in the limited liability company.1991, c. 168.

Collected 2026-09-04T15:14:14Z. Source file · JSON

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