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New York Limited Liability Company Law Section 503 - Sharing Of Profits And Losses.Legal Research Home > New York Lawyer > Limited Liability Company > New York Limited Liability Company Law Section 503 - Sharing Of Profits And Losses. Sponsored Links
§ 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.
Last modified: August 10, 2006 |