N.Y. Limited Liability Company Law § 503

Current through 2024 NY Law Chapters 1-49 and 61-93
Section 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.

N.Y. Limited Liability Company Law Law § 503