California § 16957 - No distribution shall be made by a registered limited liability partnership if, a
Full text of California Public Contract Code - PCC § 16957 — No distribution shall be made by a registered limited liability partnership if, a, with citation guidance and answers to common questions.
§ 16957. No distribution shall be made by a registered limited liability partnership if, a
(a) No distribution shall be made by a registered limited liability partnership if, after giving effect to the distribution: (1) The registered limited liability partnership would not be able to pay its debts as they become due in the usual course of business. (2) The registered limited liability partnershipâs total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the registered limited liability partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights of other partners upon dissolution that are superior to the rights of the partners receiving the distribution. (b) A cause of action with respect to an obligation to return a distribution is extinguished unless the action is brought within four years after the distribution is made. (c) A distribution for purposes of this section means the transfer of money or property by a registered limited liability partnership to its partners without consideration.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 16957
What does Public Contract Code - PCC § 16957 cover?
Section 16957 ("No distribution shall be made by a registered limited liability partnership if, a") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 16957?
A common citation format is "Public Contract Code - PCC § 16957" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 16957 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.