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.
Effective: July 15, 1998
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Terms Used In Kentucky Statutes 275.205

  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • members: means a person or persons who have been admitted to membership in a limited liability company as provided in KRS §. See Kentucky Statutes 275.015
  • Operating agreement: means any agreement, written or oral, among all of the members, as to the conduct of the business and affairs of a limited liability company. See Kentucky Statutes 275.015

History: Amended 1998 Ky. Acts ch. 341, sec. 31, effective July 15, 1998. — Created
1994 Ky. Acts ch. 389, sec. 41, effective July 15, 1994.

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