Liquidating limited

(H) "Membership interest" means a member's share of the profits and losses of a limited liability company and the right to receive distributions from that company.(I) "Notice" means that the person who claims the benefit of the notice has done one of the following:(1) Stated the fact to the person entitled to notice; (2) Delivered through the mail or by other means of communication a written statement of the fact to the person entitled to notice or to a proper person at the place of business or residence of the person entitled to receive a notice.

For example, partner A may be responsible for 60 percent of a ,000 debt.The company's bookkeeping record includes a total of the amount in this account adjusted for distributions the partner received, additional investments, and the partner's share of company losses.The liquidation of a partnership starts with a review of the company's assets, including property and cash, and its debts.When one of several partners cannot pay the owed share of the money, the other partners pay that partner's share, splitting the remaining balance based on agreed-upon loss-sharing percentages.The partners who did fulfill their obligations can later sue the partner who failed to pay for the money owed if desired.

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