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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>346355</law_id><section_number>13.1-1049</section_number><catch_line>Distribution of assets upon dissolution</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="44" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="15" identifier="12">Virginia Limited Liability Company Act</unit><unit label="article" level="3" order_by="9" identifier="9">Dissolution</unit></structure><text>
						<section><p>Upon the winding up of a <span class="dictionary">limited liability company</span>, the <span class="dictionary">assets</span> of the <span class="dictionary">limited liability company</span> shall be distributed as follows:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> To <span class="dictionary">creditors</span>, including <span class="dictionary">members</span> who are <span class="dictionary">creditors</span>, to the extent permitted by <span class="dictionary">law</span>, in satisfaction of liabilities of the <span class="dictionary">limited liability company</span> other than for <span class="dictionary">distributions</span> to <span class="dictionary">members</span> under &#xA7; <a class="law" title="Interim distributions" href="/13.1-1031/">13.1-1031</a>; <a id="paragraph-1291135" class="section-permalink" href="https://vacode.org/13.1-1049/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> Unless otherwise provided in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, to <span class="dictionary">members</span> and former <span class="dictionary">members</span> in satisfaction of liabilities for <span class="dictionary">distributions</span> under &#xA7; <a class="law" title="Interim distributions" href="/13.1-1031/">13.1-1031</a>; and <a id="paragraph-1291136" class="section-permalink" href="https://vacode.org/13.1-1049/#2"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> Unless otherwise provided in the <span class="dictionary">articles of organization</span> or an <span class="dictionary">operating agreement</span>, to <span class="dictionary">members</span> first for the return of their <span class="dictionary">contributions</span> and second with respect to their <span class="dictionary">interests</span> in the <span class="dictionary">limited liability company</span>, in the proportions in which the <span class="dictionary">members</span> share in <span class="dictionary">distributions</span>. <a id="paragraph-1291137" class="section-permalink" href="https://vacode.org/13.1-1049/#3"><i class="fa fa-link"/></a></p></section></text><history>1991, c. 168; 1996, c. 265.</history><metadata></metadata></law>
