WVC 31 B- 8 - 806
§31B-8-806. Distribution of assets in winding up limited liability
(a) In winding up a limited liability company's business, the
assets of the company must be applied to discharge its obligations
to creditors, including members who are creditors. Any surplus
must be applied to pay in money the net amount distributable to
members in accordance with their right to distributions under
subsection (b) of this section.
(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.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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