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Source Prenuptial Agreements Complete Family Law for MPT List Showing the closest available flashcard practice.

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An LLC's members vote to distribute nearly all company cash while several large invoices are due next week.
Which statement best describes a statutory limit on LLC distributions?

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An LLC generally may not make a distribution if, after the distribution, it would be unable to pay debts as they become due or its liabilities would exceed its assets under the applicable statutory test. An LLC may make any distribution requested by a member even if the LLC is insolvent. An LLC may avoid all distribution limits by calling the payment a thank-you bonus. An LLC distribution is valid only if approved by every creditor.

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