Va. Code § 13.1-1034: Distribution in kind
Where this section sits in the code
- Title 13.1. CORPORATIONS
- Chapter 12. VIRGINIA LIMITED LIABILITY COMPANY ACT
- 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