N.Y. Ltd. Liab. Co. Law § 503

§ 503. Sharing of profits and losses. The profits and losses of a\nlimited liability company shall be allocated among the members, and\namong the classes of members, if any, in the manner provided in the\noperating agreement. If the operating agreement does not so provide,\nprofits and losses shall be allocated on the basis of the value, as\nstated in the records of the limited liability company if so stated, of\nthe contributions of each member, but not including defaulted\nobligations to make contributions, to the extent they have been received\nby or promised to the limited liability company and have not been\nreturned to any such member.\n