New Jersey § 42:2c-34
Full text of New Jersey New Jersey Statutes § 42:2c-34, with citation guidance and answers to common questions.
§ 42:2c-34.
Sharing of and Right to Distributions before Dissolution. a. Any distributions made by a limited liability company before its dissolution and
winding up shall be in equal shares among members and dissociated members, except
to the extent necessary to comply with any transfer effective under section 42 1 and any order in effect under section 43 of this act. 2 b. A person has a right to a distribution before the dissolution and winding up of
a limited liability company only if the company decides to make an interim distribution. A person's dissociation does not entitle the person to a distribution. c. A person does not have a right to demand or receive a distribution from a limited
liability company in any form other than money. Except as otherwise provided in subsection c. of section 56 of this act, 3 a limited liability company may distribute an asset in kind if each part of the asset
is fungible with each other part and each person receives a percentage of the asset
equal in value to the person's share of distributions. d. If a member or transferee becomes entitled to receive a distribution, the member
or transferee has the status of, and is entitled to all remedies available to, a creditor
of the limited liability company with respect to the distribution. 1
L.2012, c. 50 (N.J.S.A. § 42:2C-42). 2
L.2012, c. 50 (N.J.S.A. § 42:2C-43). 3
L.2012, c. 50 (N.J.S.A. § 42:2C-56).
Frequently Asked Questions About New Jersey § 42:2c-34
What does New Jersey Statutes § 42:2c-34 cover?
Section 42:2c-34 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 42:2c-34?
A common citation format is "New Jersey Statutes § 42:2c-34" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 42:2c-34 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.