N.Y. LLC Law § 503
This is the official text of N.Y. LLC Law § 503, part of New York’s LLC Law — part of the compiled statutory law of New York, published by the state as "LLC Law." Browse the sections below, each linked to its official government source.
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Sharing of profits and losses
Official statutory text
§ 503. Sharing of profits and losses. The profits and losses of a\nlimited liability company shall be allocated among the members, and\namong the classes of members, if any, in the manner provided in the\noperating agreement. If the operating agreement does not so provide,\nprofits and losses shall be allocated on the basis of the value, as\nstated in the records of the limited liability company if so stated, of\nthe contributions of each member, but not including defaulted\nobligations to make contributions, to the extent they have been received\nby or promised to the limited liability company and have not been\nreturned to any such member.\n
Status: in_force · Read it on the official government site
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