490A.802 - SHARING OF PROFITS AND LOSSES. - Iowa Statutes

490A.802 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, in the manner provided in writing in the articles of organization or an operating agreement. If the articles of organization or an operating agreement do not so provide in writing, profits and losses shall be allocated on the basis of their respective capital contributions, as adjusted from time to time to reflect any additional contributions or withdrawals.          Section History: Recent Form 92 Acts, ch 1151, § 45