Kansas Statutes Annotated
Updated Through the 2013 Legislative Session

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Statute Number:17-76,101
Chapter Title:CORPORATIONS
Article Title:LIMITED LIABILITY COMPANIES
Tax Type:Corporate Income Tax; Corporation Franchise Tax
Brief Description:Allocation of profits and losses.
Keywords:


Body:

17-76,101. Allocation of profits and losses. The profits and losses of a limited liability company shall be allocated among the members, and among classes or groups of members, in the manner provided in an operating agreement. If the operating agreement does not so provide, profits and losses shall be allocated on the basis of the agreed value (as stated in the records of the limited liability company) of the contributions made by each member to the extent they have been received by the limited liability company and have not been returned.
History: L. 1999, ch. 119, 40; Jan. 1, 2000.


Date Composed: 04/04/2011 Date Modified: 04/04/2011

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