There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 275 LIMITED LIABILITY COMPANIES
275.520 Issuance of membership interests and distributions by nonprofit limited liability company prohibited.
Download pdfincome or profit of the limited liability company shall be distributed to its members
or managers. (2) A nonprofit limited liability company may pay compensation in a reasonable amount to its members or managers for services rendered and may confer benefits
upon its members in conformity with its purposes, and these payments or benefits
shall not be deemed to be a distribution of income or profit. Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 9, effective July 15, 2010. - - Created 2007 Ky. Acts ch. 137, sec. 9, effective June 26, 2007. Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, "The specific textual provisions of Sections 1 to 178 of this Act which
reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed
effective as of June 26, 2007, and those provisions are hereby made expressly
retroactive to that date, with the remainder of the text of those sections being
unaffected by the provisions of this section."
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