Distributions and Sharing of Profits and Losses

Question 1

What does the RULLCA provide re: distributions to members?

Answer 1

RULLCA provides that IF an LLC makes any distribution to its members, the distribution must be made to members in EQUAL SHARES UNLESS operating agreement provides otherwise

Question 2

What is the rule re: allocation of profits and losses and distributions in MOST STATES?

Answer 2

In most states –> profits, losses, and distributions are allocated on the basis of contributions

NOTE –>RULLCA is silent on this

Question 3

Does member or have right to demand/receive distribution from LLC in any form other than money?

Answer 3

NO