13.1-1029 - Sharing of profits and losses. - Virginia Statutes

§ 13.1-1029. Sharing of profits and losses.

The profits and losses of a limited liability company shall be allocatedamong the members, and among classes of members, on the basis provided inwriting in the articles of organization or an operating agreement. If thearticles of organization or an operating agreement does not so provide inwriting, profits and losses shall be allocated on the basis of the value, asstated in the limited liability company records required to be kept pursuantto § 13.1-1028, of the contributions made by each member to the extent theyhave been received by the limited liability company.

(1991, c. 168; 1995, c. 168; 1997, c. 190.)