Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-906
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-906
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- including: means includes or including by way of illustration and not by way of limitation. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of the liabilities of the limited liability company; and
(2) Unless otherwise agreed, to the members in proportion to their respective capital contribution values, after the capital contribution values are adjusted by:
(i) Adding to the members’ capital contribution values their respective shares of the profits of the limited liability company; and
(ii) Deducting from the members’ capital contribution values their respective shares of the losses of the limited liability company and all distributions previously received by the members.