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New York Limited Liability Company Law Section 504 - Sharing Of Distributions.

Legal Research Home > New York Lawyer > Limited Liability Company > New York Limited Liability Company Law Section 504 - Sharing Of Distributions.

    § 504. Sharing of distributions. Distributions of cash or other assets
  of a limited liability company shall be allocated among the members, and
  among  classes  of  members,  if  any,  in  the  manner  provided in the
  operating agreement, which may, among  other  things,  establish  record
  dates for distributions. If the operating agreement does not so provide,
  distributions 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 9, 2006