Section 10.50.290. Repayment of contribution and sharing of profits and other assets.

Latest version.

Subject to AS 10.50.305 - 10.50.320, and unless otherwise provided in an operating agreement of the company, a member of a limited liability company shall be repaid the member's contribution to capital and shares equally in the profits and other assets of the company remaining after all liabilities, including liabilities to members, are satisfied.

Authorities

10.50.145;10.50.348

Notes

References

AS 10.50.145 Loans to managers, managing members, and employees.
AS 10.50.348 Inapplicability to winding up and dissolution.

History

(Sec. 1 ch 99 SLA 1994)

                    
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