31 §663. Allocation of profits and losses (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 5: FINANCE
§663. Allocation of profits and losses
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
The profits and losses of a limited liability company must be allocated among the members and among classes or groups of members in the manner provided in the operating agreement or the articles of organization. If the operating agreement or articles of organization do not so provide, the profits and losses must be allocated on a per capita basis. [1993, c. 718, Pt. A, §1 (NEW).]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).