Kansas Statutes Annotated
Updated Through the 2013 Legislative Session

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Statute Number:17-76,108
Chapter Title:CORPORATIONS
Article Title:LIMITED LIABILITY COMPANIES
Tax Type:Corporate Income Tax; Corporation Franchise Tax
Brief Description:Distribution in kind.
Keywords:


Body:

17-76,108. Distribution in kind. Except as provided in an operating agreement, a member, regardless of the nature of the member's contribution, has no right to demand and receive any distribution from a limited liability company in any form other than cash. Except as provided in an operating agreement, a member may not be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed exceeds a percentage of that asset which is equal to the percentage in which the member shares in distributions from the limited liability company. Except as provided in the operating agreement, a member may be compelled to accept a distribution of any asset in kind from a limited liability company to the extent that the percentage of the asset distributed is equal to a percentage of that asset which is equal to the percentage in which the member shares in distributions from the limited liability company.
History: L. 1999, ch. 119, 47; Jan. 1, 2000.


Date Composed: 04/04/2011 Date Modified: 04/04/2011

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