347.111. Allocation of profits or losses, manner. — The profits or 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 the operating agreement does not so provide, profits shall be allocated among the members in the amount and manner of any losses previously allocated to the members to the extent not previously offset by allocations of profit and then according to the manner in which they share in distributions which exceed the repayment of their contributions, and losses shall be allocated among the members according to the respective contributions which they have made and promised to make in the future.
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(L. 1993 S.B. 66 & 20 § 359.766)
Effective 12-01-93
---- end of effective 01 Dec 1993 ----
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