Ohio § 1706.475
Full text of Ohio Ohio Revised Code § 1706.475, with citation guidance and answers to common questions.
§ 1706.475.
(A) Upon the winding up of a limited liability company, payment or adequate provision
for payment, shall be made to creditors, including members who are creditors, in satisfaction
of liabilities of the limited liability company. (B) After a limited liability company complies with division (A) of this section, any
surplus shall be distributed as follows: (1) First, to each person owning a membership interest that reflects contributions made
on account of the membership interest and not previously returned, an amount equal
to the value of the person's unreturned contributions; (2) Then to each person owning a membership interest in the proportions in which the
owners of membership interests share in distributions before dissolution. (C) If the limited liability company does not have sufficient surplus to comply with
division (B)(1) of this section, any surplus shall be distributed among the owners
of membership interests in proportion to the value of their respective unreturned
contributions.
Frequently Asked Questions About Ohio § 1706.475
What does Ohio Revised Code § 1706.475 cover?
Section 1706.475 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1706.475?
A common citation format is "Ohio Revised Code § 1706.475" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1706.475 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.