Source: https://law.justia.com/codes/hawaii/2010/division2/title23a/chapter428/428-806/
Timestamp: 2019-08-23 09:14:06
Document Index: 315038064

Matched Legal Cases: ['§ 428', '§428', '§428', '§ 428', '§428', '§1']

HI Rev Stat § 428-806 :: Distribution of assets in winding up the limited liability company's business. :: 2010 Hawaii Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Hawaii Code 2010 Hawaii Code DIVISION 2. BUSINESS TITLE 23A. OTHER BUSINESS ENTITIES 428. Uniform Limited Liability Company Act §428-806 Distribution of assets in winding up the limited liability company's business.
§428-806 Distribution of assets in winding up the limited liability company's business.
HI Rev Stat § 428-806 (2010 through Reg Sess) What's This?
[§428-806] Distribution of assets in winding up the limited liability company's business. (a) In winding up a limited liability company's business, the assets of the company shall be used to discharge its obligations to creditors, including members who are creditors. Any surplus shall be used to pay in money the net amount distributable to members in accordance with their rights to distribution under subsection (b).
(b) Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares. [L 1996, c 92, pt of §1]