Ohio § 1706.29
Full text of Ohio Ohio Revised Code § 1706.29, with citation guidance and answers to common questions.
§ 1706.29.
(A)(1) All members shall share equally in any distributions made by a limited liability
company before its dissolution and winding up. (2) A member has a right to a distribution before the dissolution and winding up of a
limited liability company as provided in the operating agreement. A decision to make a distribution before the dissolution and winding up of the limited
liability company is a decision in the ordinary course of activities of the limited
liability company. A member's dissociation does not entitle the dissociated member to a distribution. (3) A member does not have a right to demand and receive a distribution from a limited
liability company in any form other than money. Except as otherwise provided in division (C) of section 1706.475 of the Revised Code , a limited liability company may distribute an asset in kind if each member receives
a percentage of the asset in proportion to the member's share of contributions. (4) If a member becomes entitled to receive a distribution, the member has the status
of, and is entitled to all remedies available to, a creditor of the limited liability
company with respect to the distribution. (B)(1) All members associated with a series shall share equally in any distributions made
by the series before its dissolution and winding up. (2) A member associated with a series has a right to a distribution before the dissolution
and winding up of the series as provided in the operating agreement. A decision of the series to make a distribution before the dissolution and winding
up of the series is a decision in the ordinary course of activities of the series. A member's dissociation from a series with which the member is associated does not
entitle the dissociated member to a distribution from the series. (3) A member associated with a series does not have a right to demand and receive a distribution
from the series in any form other than money. Except as otherwise provided in division (C) of section 1706.7613 of the Revised Code , a series may distribute an asset in kind if each member associated with the series
receives a percentage of the asset in proportion to the member's share of distributions
from the series. (4) If a member associated with a series becomes entitled to receive a distribution from
the series, the member has the status of, and is entitled to all remedies available
to, a creditor of the series with respect to the distribution. (C) Division (A) of this section does not apply to a distribution made by a series.
Frequently Asked Questions About Ohio § 1706.29
What does Ohio Revised Code § 1706.29 cover?
Section 1706.29 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 § 1706.29?
A common citation format is "Ohio Revised Code § 1706.29" (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 § 1706.29 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.