Miss. Code § 79-29-603

Current through the 2024 Regular Session

Section 79-29-603 - Distribution upon withdrawal of member

Except as provided in this article, upon withdrawal any withdrawing member is entitled to receive any distribution to which the member is entitled under an operating agreement and, if not otherwise provided in an operating agreement, the member is entitled to receive, within a reasonable time after withdrawal the fair value of the member's financial interest as of the date of withdrawal based upon the member's right to share in distributions from the limited liability company.

For purposes of this section the fair value of the member's financial interest shall be determined as of the date of withdrawal:

(a) Using customary and current valuation concepts and techniques generally employed for similar businesses in the context of the transaction requiring appraisal; and

(b) Without discounting for lack of marketability or minority status.

The distribution must be accompanied by current financial statements of the limited liability company.

Miss. Code § 79-29-603

Laws, 2010, ch. 532, § 1, eff. 1/1/2011.