Sec. 5.1. (a) A limited liability company formed under this article after June 30, 1999, is governed by this section.
(b) Upon the occurrence of an event of dissociation under IC 23-18-6-5, a dissociating member is entitled to receive:
(1) any distribution that the member is entitled to under this article or the operating agreement; and
(2) unless otherwise provided in the operating agreement, within a reasonable time after dissociation, the fair value of the member's interest in the limited liability company as of the date of dissociation based on the member's right to share in distributions from the limited liability company, less a distribution received under subdivision (1).
As added by P.L.269-1999, SEC.5. Amended by P.L.130-2006, SEC.30.
Structure Indiana Code
Title 23. Business and Other Associations
Article 18. Limited Liability Companies
23-18-5-1. Promises to Contribute Property or Services; Enforceability
23-18-5-3. Allocation of Profits and Losses
23-18-5-4. Shared Distributions of Cash or Other Assets
23-18-5-5. Dissociation; Companies Existing on or Before June 30, 1999
23-18-5-5.1. Dissociation; Companies Formed After June 30, 1999
23-18-5-7. Unlawful Distributions; Liability
23-18-5-8. Distributions in Kind
23-18-5-9. Status of Member Entitled to Receive Distribution