347.111. Allocation of profits or losses, manner.
Allocation of profits or losses, manner.
347.111. The profits or losses of a limited liabilitycompany shall be allocated among the members, and among classesof members, in the manner provided in the operating agreement.If the operating agreement does not so provide, profits shall beallocated among the members in the amount and manner of anylosses previously allocated to the members to the extent notpreviously offset by allocations of profit and then according tothe manner in which they share in distributions which exceed therepayment of their contributions, and losses shall be allocatedamong the members according to the respective contributions whichthey have made and promised to make in the future.
(L. 1993 S.B. 66 & 20 § 359.766)Effective 12-1-93