Section 322B.326 Sharing of Profits and Losses - Minnesota Statutes

322B.326 SHARING OF PROFITS AND LOSSES.

Unless otherwise provided in the articles of organization, a member control agreement, or by the board of governors under section 322B.40, subdivisions 5 and 6, the profits and losses of a limited liability company are to be allocated among the members, and among classes and series of members, in proportion to the value of the contributions of the members reflected in the required records.

History:

1992 c 517 art 2 s 33; 1999 c 85 art 2 s 18