District of Columbia Code Division V. Local Business Affairs § 29-804.03. Liability for contributions.
Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) A person's obligation to make a contribution to a limited liability company shall not be excused by the person's death, disability, or other inability to perform personally. If a person does not fulfill an obligation, other than a monetary obligation, the person is obligated to contribute money equal to the value of the part of the contribution which has not been made, at the option of the company.
(b) The obligation of a person to make a contribution may be compromised only by consent of all members. A creditor of a limited liability company which extends credit or otherwise acts in reliance on an obligation described in subsection (a) of this section without notice of a compromise under this subsection may enforce the obligation.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-804.03. Liability for contributions. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-804-03/
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