79-29-503 - Sharing of profits and losses. - Mississippi Statutes

§ 79-29-503. 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 the certificate of formation or limited liability company agreement. If the certificate of formation or limited liability company agreement does not so provide, profits and losses must be allocated on the basis of the value, as stated in the limited liability company records required to be kept pursuant to Section 79-29-107, of the contributions made by each member to the extent they have been received by the limited liability company and have not been returned. 
 

Sources: Laws,  1994, ch. 402, § 35, eff from and after July 1, 1994.