                                 CODE OF VIRGINIA

SHARING OF PROFITS AND LOSSES (§ 13.1-1029)

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 § 13.1-1028,
of the contributions made by each member to the extent they have been received
by the limited liability company.

HISTORY: 1991, c. 168; 1995, c. 168; 1997, c. 190.