2010 Maryland Code
CORPORATIONS AND ASSOCIATIONS
TITLE 4A - LIMITED LIABILITY COMPANY ACT
Subtitle 5 - Finance
Section 503 - Sharing of profits and losses; distributions.
§ 4A-503. Sharing of profits and losses; distributions.
Except as otherwise provided in the operating agreement:
(1) The profits and losses of a limited liability company shall be allocated among the members in proportion to their respective capital interests; and
(2) Distributions by the limited liability company shall be made to the members in proportion to their right to share in the profits of the limited liability company.
[1992, ch. 536; 1997, ch. 659, § 2.]
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