Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 503
Sharing of profits and losses
Limited Liability Company Law (LLC) CHAPTER 34, ARTICLE 5
§ 503. Sharing of profits and losses. The profits and losses of a
limited liability company shall be allocated among the members, and
among the classes of members, if any, in the manner provided in the
operating agreement. If the operating agreement does not so provide,
profits and losses shall be allocated on the basis of the value, as
stated in the records of the limited liability company if so stated, of
the contributions of each member, but not including defaulted
obligations to make contributions, to the extent they have been received
by or promised to the limited liability company and have not been
returned to any such member.