{"data":{"id":"us-ky/krs-275.530","jurisdiction":"us-ky","citation":"KRS 275.530","heading":"Distribution of assets of nonprofit limited liability company.","body":"The assets of a nonprofit limited liability company in the process of dissolution shall be\napplied and distributed as follows:\n(1) All liabilities and obligations of the nonprofit limited liability company shall be\npaid and discharged or adequate provisions made for them;\n(2) Assets received and held by the nonprofit limited liability company upon condition\nrequiring return, transfer, or conveyance, which condition occurs by reason of the\ndissolution, shall be returned, transferred, or conveyed in accordanc e with the\ncondition's requirements;\n(3) Assets received and held by the nonprofit limited liability company subject to\nlimitations permitting their use only for a nonprofit purpose, but not held upon a\ncondition requiring return, transfer, or conveyance b y reason of the dissolution,\nshall be transferred or conveyed to one (1) or more domestic or foreign nonprofit\ncorporations, limited liability companies, societies, or organizations engaged in\nactivities substantially similar to those of the dissolving non profit limited liability\ncompany, pursuant to a plan of distribution; and\n(4) Any remaining assets may be distributed to those nonprofit corporations, limited\nliability companies, societies, or organizations as may be specified in a plan of\ndissolution, in cluding those that are members of the nonprofit limited liability\ncompanies.","path":["KRS Chapter 275"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13932","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:28Z","sha256":"c27f1a6204a33dbd9d7ba2819c5641705da7ef01386937a04cb6429d1765a965","source_id":"us-ky","stale":false,"prev":"us-ky/krs-275.525","next":"us-ky/krs-275.535"},"notice":"GroundRules: Original legal text. Not legal advice."}