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