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Flashcards in Distributions and Sharing of Profits and Losses Deck (3)
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1

What does the RULLCA provide re: distributions to members?

RULLCA provides that IF an LLC makes any distribution to its members, the distribution must be made to members in EQUAL SHARES UNLESS operating agreement provides otherwise

2

What is the rule re: allocation of profits and losses and distributions in MOST STATES?

In most states --> profits, losses, and distributions are allocated on the basis of contributions

NOTE -->RULLCA is silent on this

3

Does member or have right to demand/receive distribution from LLC in any form other than money?

NO