N.Y. LLC Law § 505
This is the official text of N.Y. LLC Law § 505, part of New York’s LLC Law — part of the compiled statutory law of New York, published by the state as "LLC Law." Browse the sections below, each linked to its official government source.
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Distributions in kind
Official statutory text
§ 505. Distributions in kind. (a) Except as provided in the operating\nagreement, a member, regardless of the nature of his or her\ncontribution, has no right to demand and receive any distribution from\nthe limited liability company in any form other than cash.\n (b) Except as provided in the operating agreement, a member may not be\ncompelled to accept a distribution of any asset in kind from a limited\nliability company to the extent that the percentage of the asset\ndistributed to him or her exceeds a percentage of that asset that is\nequal to the percentage in which he or she shares in distributions from\nthe limited liability company.\n
Status: in_force · Read it on the official government site
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