{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-1029.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-1029.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-1029.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-1029.html"}],"law_id":56042,"edition_id":1,"section_id":56042,"structure_id":14004,"section_number":"13.1-1029","catch_line":"Sharing of profits and losses","history":"1991, c. 168; 1995, c. 168; 1997, c. 190.","full_text":"The profits and losses of a limited liability company shall be allocated among the members, and among classes of members, on the basis provided in writing in the articles of organization or an operating agreement. If the articles of organization or an operating agreement does not so provide in writing, profits and losses shall be allocated on the basis of the value, as stated in the limited liability company records required to be kept pursuant to \u00a7 13.1-1028, of the contributions made by each member to the extent they have been received by the limited liability company.","order_by":null,"text":{"0":{"id":205436,"text":"The profits and losses of a limited liability company shall be allocated among the members, and among classes of members, on the basis provided in writing in the articles of organization or an operating agreement. If the articles of organization or an operating agreement does not so provide in writing, profits and losses shall be allocated on the basis of the value, as stated in the limited liability company records required to be kept pursuant to \u00a7 13.1-1028, of the contributions made by each member to the extent they have been received by the limited liability company.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14004,"edition_id":1,"name":"Finance","identifier":"6","label":"article","depth":3,"order_by":1,"parent_id":12817,"metadata":{},"date_created":"2026-06-26 03:46:34","date_modified":"2026-06-26 03:46:34","permalink":{"id":148861,"object_type":"structure","relational_id":14004,"identifier":"6","token":"13.1\/12\/6","url":"\/13.1\/12\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12817,"edition_id":1,"name":"Virginia Limited Liability Company Act","identifier":"12","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":148351,"object_type":"structure","relational_id":12817,"identifier":"12","token":"13.1\/12","url":"\/13.1\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56042,"structure_id":14004,"section_number":"13.1-1029","catch_line":"Sharing of profits and losses","url":"\/13.1-1029\/","token":"13.1\/12\/6\/13.1-1029","metadata":false},{"id":73279,"structure_id":14004,"section_number":"13.1-1030","catch_line":"Sharing of distributions","url":"\/13.1-1030\/","token":"13.1\/12\/6\/13.1-1030","metadata":false},{"id":77425,"structure_id":14004,"section_number":"13.1-1031","catch_line":"Interim distributions","url":"\/13.1-1031\/","token":"13.1\/12\/6\/13.1-1031","metadata":false},{"id":55088,"structure_id":14004,"section_number":"13.1-1032","catch_line":"Resignation of member","url":"\/13.1-1032\/","token":"13.1\/12\/6\/13.1-1032","metadata":false},{"id":61693,"structure_id":14004,"section_number":"13.1-1033","catch_line":"Repealed","url":"\/13.1-1033\/","token":"13.1\/12\/6\/13.1-1033","metadata":false},{"id":73763,"structure_id":14004,"section_number":"13.1-1034","catch_line":"Distribution in kind","url":"\/13.1-1034\/","token":"13.1\/12\/6\/13.1-1034","metadata":false},{"id":72538,"structure_id":14004,"section_number":"13.1-1035","catch_line":"Restrictions on making distribution","url":"\/13.1-1035\/","token":"13.1\/12\/6\/13.1-1035","metadata":false},{"id":60226,"structure_id":14004,"section_number":"13.1-1036","catch_line":"Liability upon wrongful distribution","url":"\/13.1-1036\/","token":"13.1\/12\/6\/13.1-1036","metadata":false},{"id":71027,"structure_id":14004,"section_number":"13.1-1037","catch_line":"Right to distribution","url":"\/13.1-1037\/","token":"13.1\/12\/6\/13.1-1037","metadata":false}],"next_section":{"id":73279,"structure_id":14004,"section_number":"13.1-1030","catch_line":"Sharing of distributions","url":"\/13.1-1030\/","token":"13.1\/12\/6\/13.1-1030","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-1029\/","history_text":"

This law was first created in 1991. The record of its establishment is cataloged in chapter 168 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1995, chapter 168<\/a>; in 1997, chapter 190<\/a>.<\/p>","references":[{"id":66741,"section_number":"13.1-1040","catch_line":"Right of assignee to become member","order_by":null,"url":"\/13.1-1040\/"}],"refers_to":[{"id":54212,"section_number":"13.1-1028","catch_line":"Information and records","order_by":null,"url":"\/13.1-1028\/"}],"permalink":{"id":148863,"object_type":"law","relational_id":56042,"identifier":"13.1-1029","token":"13.1\/12\/6\/13.1-1029","url":"\/13.1-1029\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-1029\/","token":"13.1\/12\/6\/13.1-1029","dublin_core":{"Title":"Sharing of profits and losses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-1029","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The profits and losses of a limited liability company<\/span> shall be allocated among the members<\/span>, and among classes of members<\/span>, on the basis provided in writing in the articles of organization<\/span> or an operating agreement<\/span>. If the articles of organization<\/span> or an operating agreement<\/span> does not so provide in writing, profits and losses shall be allocated on the basis of the value, as stated in the limited liability company<\/span> records required to be kept pursuant to \u00a7 13.1-1028<\/a>, of the contributions<\/span> made by each member<\/span> to the extent they have been received by the limited liability company<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSHARING OF PROFITS AND LOSSES (\u00a7 13.1-1029)\n\nThe profits and losses of a limited liability company shall be allocated among\nthe members, and among classes of members, on the basis provided in writing in\nthe articles of organization or an operating agreement. If the articles of\norganization or an operating agreement does not so provide in writing, profits\nand losses shall be allocated on the basis of the value, as stated in the\nlimited liability company records required to be kept pursuant to \u00a7 13.1-1028,\nof the contributions made by each member to the extent they have been received\nby the limited liability company.\n\nHISTORY: 1991, c. 168; 1995, c. 168; 1997, c. 190.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}