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 operating agreement. If a written operating agreement does not otherwise provide, profits and losses shall be allocated on the basis of the agreed value, as stated in the records of the limited liability company as required by KRS 275.185, of the contributions made by each member to the extent they have been received by the limited liability company and have not been returned.
KRS 275.205
Allocation of profits and losses among members
Known as the Kentucky Limited Liability Company Act
The act spans §§ 275.001 to 275.540 (110 sections).
Effective: July 15, 1998 History: Amended 1998 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.