There is a newer version
of
the New York Laws
2018 New York Laws
LLC - Limited Liability Company Law
Article 5 - Contributions and Distributions
503 - Sharing of Profits and Losses.
Universal Citation: NY LLC L § 503 (2018)
§ 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.
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