Tennessee Statutes
§ 48-249-304 — Sharing of and rights to profits and losses
Tennessee·Title 48
(a)LLC documents control. Any profits and losses of an LLC shall be allocated among the members and holders of financial rights in the manner provided in the LLC documents.
(b)LLC documents silent. If the LLC documents do not provide for allocations of profits and losses, profits and losses shall be allocated among the members and holders of financial rights in equal shares.
(c)Record date. The LLC documents may provide for a record date with respect to allocations of profits and losses.
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Tennessee § 48-249-304 (Sharing of and rights to profits and losses) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Delwin L. Huggins v. R.Ellsworth McKee
500 S.W.3d 360 (Court of Appeals of Tennessee, 2016)
Legislative History
Acts 2005, ch. 286, § 1; 2006, ch. 620, § 23.
Nearby Sections
15
§ 48-1-101
Short title§ 48-1-102
Part definitions§ 48-1-103
Exemptions§ 48-1-105
Registration by coordination§ 48-1-106
Registration by qualification§ 48-1-109
Registration as broker-dealers, agents, investment advisers, and investment adviser representatives§ 48-1-111
Records and reports - Examinations§ 48-1-115
Administration