Source: https://chowinslaw.com/resources/texas-business-laws/313-allocations-and-distributions-texas-limited-liability-companies-llc
Timestamp: 2020-07-04 02:30:23
Document Index: 496492058

Matched Legal Cases: ['§ 101', '§ 101', '§ 101', '§ 101', '§ 3', '§ 101', '§ 101', '§ 101', '§ 101', '§ 11', '§ 101']

Allocations and Distributions - Texas Limited Liability Companies (LLC) - Chowins Law Firm, PLLC | Chowins Law Firm, PLLC
Allocations and Distributions - Texas Limited Liability Companies (LLC)
ALLOCATIONS TO MEMBERS AND DISTRIBUTIONS FROM TEXAS LIMITED LIABILITY COMPANIES
§ 101.201. ALLOCATION OF PROFITS AND LOSSES.
The profits and losses of a limited liability company shall be allocated to each member of the company on the basis of the agreed value of the contributions made by each member, as stated in the company's records required under § 101.501.
§ 101.202. DISTRIBUTION IN KIND.
A member of a limited liability company is entitled to receive or demand a distribution from the company only in the form of cash, regardless of the form of the member's contribution to the company.
§ 101.203. SHARING OF DISTRIBUTIONS.
Distributions of cash and other assets of a limited liability company shall be made to each member of the company according to the agreed value of the member's contribution to the company as stated in the company's records required under §§ 3.151 and 101.501.
§ 101.204. INTERIM DISTRIBUTIONS.
§ 101.205. DISTRIBUTION ON WITHDRAWAL.
A member of a limited liability company who validly exercises the member's right to withdraw from the company granted under the company agreement is entitled to receive, within a reasonable time after the date of withdrawal, the fair value of the member's interest in the company as determined as of the date of withdrawal.
§ 101.206. PROHIBITED DISTRIBUTION; DUTY TO RETURN.
(d) A member of a limited liability company who receives a distribution from the company in violation of this § is not required to return the distribution to the company unless the member had knowledge of the violation.
(e) This § may not be construed to affect the obligation of a member of a limited liability company to return a distribution to the company under the company agreement or other state or federal law.
§ 101.207. CREDITOR STATUS WITH RESPECT TO DISTRIBUTION.
Subject to §§ 11.053 and 101.206, when a member of a limited liability company is entitled to receive a distribution from the company, the member, with respect to the distribution, has the same status as a creditor of the company and is entitled to any remedy available to a creditor of the company.
§ 101.208. RECORD DATE.
A company agreement may establish or provide for the establishment of a record date with respect to allocations and distributions.