Nevada Revised Statutes
Chapter 86 - Limited-Liability Companies
NRS 86.346 - Distributions: Form; status of member or transferee.


1. Unless otherwise provided in the operating agreement, a member, regardless of the nature of the member’s contributions, or a transferee, regardless of the nature of the contributions of the transferee’s predecessor, has no right to demand or receive any distribution from a limited-liability company in any form other than cash.
2. Except as otherwise provided in NRS 86.391 and 86.521, and unless otherwise provided in the operating agreement, at the time 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 company with respect to the distribution.
(Added to NRS by 1995, 2106; A 1997, 720)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 86 - Limited-Liability Companies

NRS 86.011 - Definitions.

NRS 86.022 - "Articles" and "articles of organization" defined.

NRS 86.031 - "Bankrupt" defined.

NRS 86.051 - "Foreign limited-liability company" defined.

NRS 86.055 - "In interest" defined.

NRS 86.061 - "Limited-liability company" and "company" defined.

NRS 86.065 - "Majority in interest" defined.

NRS 86.071 - "Manager" defined.

NRS 86.081 - "Member" defined.

NRS 86.091 - "Member’s interest" defined.

NRS 86.095 - "Noneconomic member" defined.

NRS 86.101 - "Operating agreement" defined.

NRS 86.105 - "Personal representative" defined.

NRS 86.111 - "Real property" defined.

NRS 86.118 - "Registered agent" defined.

NRS 86.121 - "Registered office" defined.

NRS 86.1252 - "Restricted limited-liability company" defined.

NRS 86.1255 - "Series" and "series of members" defined.

NRS 86.131 - Applicability of chapter to foreign and interstate commerce.

NRS 86.135 - Amendment or repeal of provisions of chapter; chapter deemed part of articles of company.

NRS 86.137 - Secretary of State authorized to adopt certain regulations to allow limited-liability company to carry out powers and duties through most recent technology.

NRS 86.138 - Company records: Manner of storage; conversion of electronic records into clear and legible paper form; admissibility in evidence of electronic records.

NRS 86.141 - Purpose for organization; prohibition against organization of limited-liability company for certain illegal purposes.

NRS 86.151 - Filing requirements.

NRS 86.155 - Perpetual existence of company.

NRS 86.161 - Articles of organization: Required and optional provisions.

NRS 86.171 - Name of company: Distinguishable name required; availability of name of revoked, merged or otherwise terminated company; limitations; regulations.

NRS 86.176 - Name of company: Reservation; injunctive relief.

NRS 86.201 - Commencement of organizational existence.

NRS 86.211 - Articles of organization: Notice imparted by filing.

NRS 86.213 - Penalty for purporting to do business as limited-liability company without filing articles of organization; enforcement; regulations.

NRS 86.216 - Amendment of articles of organization before issuance of member’s interest.

NRS 86.221 - Amendment and restatement of articles of organization.

NRS 86.226 - Filing and effectiveness of certificate of amendment or judicial decree of amendment.

NRS 86.231 - Registered agent required; address of registered office.

NRS 86.236 - Registered agent of series; service of process, notice or demand upon series.

NRS 86.241 - Maintenance of records at principal office in State or with custodian of records; right of members and managers to obtain or examine records.

NRS 86.243 - Denial of right to obtain or examine records; action to enforce right to obtain or examine records; defense to action for penalties or damages; authority of court to compel production of records.

NRS 86.246 - Requirement to provide to Secretary of State name and contact information of custodian of list of members and managers; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 86.251 - Resignation of registered agent or termination of registration of commercial registered agent.

NRS 86.261 - Service of process, notice or demand upon registered agent.

NRS 86.263 - Filing requirements; fees; notice; regulations.

NRS 86.264 - Additional filing requirements for certain companies: Criteria; statement; fees.

NRS 86.266 - Certificate of authorization to transact business.

NRS 86.269 - Addresses of managers and members required; failure to file.

NRS 86.272 - Defaulting companies: Identification; reinstatement; penalty.

NRS 86.274 - Defaulting companies: Duties of Secretary of State; forfeiture; distribution of assets.

NRS 86.276 - Defaulting companies: Conditions and procedure for reinstatement.

NRS 86.278 - Defaulting companies: Reinstatement under old or new name; regulations.

NRS 86.279 - "Distribution" defined.

NRS 86.281 - General powers.

NRS 86.286 - Operating agreement.

NRS 86.291 - Management.

NRS 86.293 - Noneconomic members.

NRS 86.296 - Classes of members or managers; series of members.

NRS 86.298 - Duties of manager or managing member.

NRS 86.301 - Limitation on authority to contract debt or incur liability.

NRS 86.311 - Acquisition, ownership and disposition of property by company and series.

NRS 86.321 - Contributions to capital: Form.

NRS 86.326 - Admission of members; member has no preemptive right to acquire certain interests; exception.

NRS 86.331 - Resignation or withdrawal of member: Limitation; payment to member who rightfully resigns or withdraws.

NRS 86.335 - Resignation or withdrawal of member in violation of operating agreement; loss of right to participate upon resignation or withdrawal.

NRS 86.341 - Distributions: Generally.

NRS 86.343 - Distributions: Prohibition; applicable determinations; liability of member for violation.

NRS 86.345 - Distributions: Limitations applicable to restricted limited-liability companies.

NRS 86.346 - Distributions: Form; status of member or transferee.

NRS 86.351 - Nature and transfer of member’s interest; rights of transferee; substituted members.

NRS 86.361 - Liability of persons assuming to act as company without authority.

NRS 86.371 - Liability of member or manager for debts or liabilities of company.

NRS 86.376 - Liability of person who acts as alter ego of company for debts or liabilities of company.

NRS 86.381 - Member of company is not proper party in proceeding by or against company; exception.

NRS 86.391 - Liability of member to company.

NRS 86.401 - Rights and remedies of creditor of member.

NRS 86.411 - Indemnification of manager, member, employee or agent: Proceeding other than by company.

NRS 86.421 - Indemnification of manager, member, employee or agent: Proceeding by company.

NRS 86.431 - Indemnification of manager, member, employee or agent: Scope; authorization.

NRS 86.441 - Indemnification of member or manager: Advancement of expenses.

NRS 86.451 - Indemnification of manager, member, employee or agent: Effect of provisions on other rights; continuation after cessation of status.

NRS 86.461 - Maintenance of insurance or other financial arrangements against liability of member, manager, employee or agent.

NRS 86.471 - Effect of providing insurance or other financial arrangements against liability of member, manager, employee or agent.

NRS 86.481 - Exclusion of company which provides self-insurance from title 57 of NRS.

NRS 86.483 - Authority of member to bring action.

NRS 86.485 - Qualifications of plaintiff.

NRS 86.487 - Pleading.

NRS 86.489 - Expenses.

NRS 86.4895 - Dissolution of company whose charter has been revoked without additional fees and penalties; regulations.

NRS 86.490 - Dissolution before commencement of business; limitations.

NRS 86.491 - Events requiring dissolution and winding up of affairs; powers and duties of person winding up affairs; effect of certain events affecting member.

NRS 86.495 - Dissolution by decree of court; termination of series by decree of court.

NRS 86.505 - Continuation of company after dissolution for winding up of affairs; limitation on actions by or against dissolved company or its managers or members.

NRS 86.521 - Distribution of assets after dissolution.

NRS 86.531 - Articles of dissolution: Required provisions and signatories.

NRS 86.541 - Filing and effectiveness of articles of dissolution; powers of trustees of dissolved company.

NRS 86.5411 - Application of creditors or members of insolvent company for injunction and appointment of receiver or trustee; hearing.

NRS 86.5412 - Appointment of receiver or trustee of insolvent company: Powers.

NRS 86.5413 - Property and privileges of insolvent company vest in appointed receiver.

NRS 86.5414 - Company may resume control upon payment of debts and receipt of capital to conduct business; order of court dissolving company and forfeiting charter.

NRS 86.5415 - Members’ application for injunction and appointment of receiver when company mismanaged.

NRS 86.5416 - Reorganization of company by majority in interest of members during receivership.

NRS 86.5417 - Powers of district court.

NRS 86.5418 - Receiver to take possession of company assets upon court order.

NRS 86.5419 - Inventory, lists of debts and reports by receiver.

NRS 86.542 - Creditors’ proofs of claims; when participation barred; notice.

NRS 86.5421 - Creditors’ claims to be in writing under oath; examination of claimants.

NRS 86.5422 - Action on creditors’ claims; appeal of disallowed claims.

NRS 86.5423 - Substitution of receiver as party; abatement of actions.

NRS 86.5424 - Sales of encumbered or deteriorating property.

NRS 86.5425 - Compensation, costs and expenses of receiver.

NRS 86.5426 - Distribution of money to creditors and members.

NRS 86.5427 - Acts of majority of receivers effectual; removal and vacancies.

NRS 86.5428 - Employees’ liens for wages when company insolvent.

NRS 86.543 - Law governing organization, internal affairs and liability of managers and members.

NRS 86.544 - Filing requirements; prohibition against registration for certain illegal purposes; required provisions of application for registration.

NRS 86.545 - Issuance of certificate of registration by Secretary of State.

NRS 86.546 - Name for registration.

NRS 86.5461 - Annual list: Filing requirements; fees; powers and duties of Secretary of State; regulations.

NRS 86.54615 - List or statement to be maintained at principal office in State or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

NRS 86.5462 - Additional filing requirements for certain companies: Criteria; statement; fees.

NRS 86.5463 - Certificate of authorization to transact business.

NRS 86.5464 - Addresses of managers or managing members required; failure to file.

NRS 86.5465 - Defaulting companies: Identification; forfeiture of right to transact business; penalty.

NRS 86.5466 - Defaulting companies: Duties of Secretary of State.

NRS 86.5467 - Defaulting companies: Conditions and procedure for reinstatement.

NRS 86.5468 - Defaulting companies: Reinstatement or revival under old or new name; regulations.

NRS 86.5469 - Cancellation of registration without additional fees and penalties; regulations.

NRS 86.547 - Cancellation of registration.

NRS 86.5475 - Renewal or revival of right to transact business: Procedure; fee; certificate as evidence; status of company.

NRS 86.548 - Penalty for transacting business without registration; enforcement; regulations.

NRS 86.5483 - Activities not constituting transaction of business.

NRS 86.5487 - Determination of whether solicitation is made or accepted.

NRS 86.549 - Action by Attorney General to restrain transaction of business.

NRS 86.555 - Issuance of occupational or professional license to limited-liability company by board or commission; regulations.

NRS 86.557 - Form required for filing of records.

NRS 86.561 - Fees.

NRS 86.563 - Procedure to submit replacement page to Secretary of State before actual filing of record.

NRS 86.566 - Filing of records written in language other than English.

NRS 86.568 - Correction of inaccurate or defective record filed with Secretary of State; cancellation of filings.

NRS 86.571 - Waiver of notice.

NRS 86.580 - Renewal or revival of charter: Procedure; fee; certificate as evidence.

NRS 86.590 - Renewal or revival of charter: Status of company.