2011 Code of Virginia
Title 13.1 CORPORATIONS.
Chapter 12 Virginia Limited Liability Company Act (13.1-1000 thru 13.1-1080)
13.1-1029 Sharing of profits and losses
13.1-1029. Sharing of profits and losses.
The profits and losses of a limited liability company shall be allocated among the members, and among classes of members, on the basis provided in writing in the articles of organization or an operating agreement. If the articles of organization or an operating agreement does not so provide in writing, profits and losses shall be allocated on the basis of the value, as stated in the limited liability company records required to be kept pursuant to 13.1-1028, of the contributions made by each member to the extent they have been received by the limited liability company.
(1991, c. 168; 1995, c. 168; 1997, c. 190.)
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