304-C:91 Distribution, Etc.-Definitions. –
Unless the operating agreement provides otherwise, the following terms shall have the following meanings:
I.
Distribution. A distribution by the limited liability company to a member shall mean any transfer of its cash or other assets to the member except:
(a) Payments to a member relating to a transaction between the limited liability company and a member acting in a capacity other than as a member;
(b) Payments to a member made without regard to the limited liability company's profit or loss for services to or for the limited liability company or for the limited liability company's use of the member's capital; and
(c) Payments to a member under a limited liability company's indemnification obligations as referenced in RSA 304-C:116 or a limited liability company's obligation to advance expenses as referenced in RSA 304-C:117.
II.
Interim Distribution. An interim distribution to a member shall mean any distribution except a liquidating distribution, as defined in paragraph III.
III.
Liquidating Distribution. A liquidating distribution shall mean a distribution in connection with:
(a) The limited liability company's partial or complete redemption of a member's membership rights; or
(b) The limited liability company's dissolution and liquidation.