Statute · New York Limited Liability Company Law
N.Y. Ltd. Liab. Co. Law § 503 — Sharing of profits and losses
N.Y. Ltd. Liab. Co. Law § 503
- Type
- Statute
- Source
- New York Limited Liability Company Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 503. Sharing of profits and losses. The profits and losses of a limited liability company shall be allocated among the members, and among the classes of members, if any, in the manner provided in the operating agreement. If the operating agreement does not so provide, profits and losses shall…
Citator
N.Y. Ltd. Liab. Co. Law § 503 — Sharing of profits and losses is in force in the current edition of the Code, and nothing recorded condemns it.
§ 503. Sharing of profits and losses. The profits and losses of a limited liability company shall be allocated among the members, and among the classes of members, if any, in the manner provided in the operating agreement. If the operating agreement does not so provide, profits and losses shall be allocated on the basis of the value, as stated in the records of the limited liability company if so stated, of the contributions of each member, but not including defaulted obligations to make contributions, to the extent they have been received by or promised to the limited liability company and have not been returned to any such member.