17-76,101. Allocation of profits and losses. - Kansas Statutes

17-76,101

Chapter 17.--CORPORATIONS Article 76.--LIMITED LIABILITY COMPANIES

      17-76,101.   Allocation of profits and losses. The profits and losses of a limited liability company shall be allocated among the members, and among classes or groups of members, in the manner provided in an operating agreement. If the operating agreement does not so provide, profits and losses shall be allocated on the basis of the agreed value (as stated in the records of the limited liability company) of the contributions made by each member to the extent they have been received by the limited liability company and have not been returned.

      History:   L. 1999, ch. 119, § 40; Jan. 1, 2000.