(a) In winding up a limited liability company's business, the assets of the company must be applied to discharge its obligations to creditors, including members who are creditors. Any surplus must be applied to pay in money the net amount distributable to members in accordance with their right to distributions under subsection (b) of this section.
(b) Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares.
Structure West Virginia Code
Chapter 31B. Uniform Limited Liability Company Act
Article 8. Winding Up Company's Business
§31B-8-801. Events Causing Dissolution and Winding Up of Company's Business
§31B-8-802. Limited Liability Company Continues After Dissolution
§31B-8-803. Right to Wind Up Limited Liability Company's Business
§31B-8-804. Member's or Manager's Power and Liability as Agent After Dissolution
§31B-8-805. Articles of Termination
§31B-8-806. Distribution of Assets in Winding Up Limited Liability Company's Business
§31B-8-807. Known Claims Against Dissolved Limited Liability Company
§31B-8-808. Other Claims Against Dissolved Limited Liability Company
§31B-8-809. Grounds for Administrative Dissolution
§31B-8-810. Procedure for and Effect of Administrative Dissolution
§31B-8-811. Reinstatement Following Administrative Dissolution