48-2c-803.1 - Individual profits interest.
48-2c-803.1. Individual profits interest.
For the purpose of determining compliance with a provision of this chapter thatconditions rights, consents, or actions on the participation of members holding a certainpercentage of the company's profits interests, unless otherwise provided in the articles oforganization or the operating agreement, each member's profits interest shall be determined basedon the members' capital account balances on the date on which compliance is measured.
Enacted by Chapter 141, 2005 General Session