N.Y. Limited Liability Company Law § 503: Sharing of profits and losses

§ 503. Sharing of profits and losses. The profits and losses of a

limited liability company shall be allocated among the members, and

among the classes of members, if any, in the manner provided in the

operating agreement. If the operating agreement does not so provide,

profits and losses shall be allocated on the basis of the value, as

stated in the records of the limited liability company if so stated, of

the contributions of each member, but not including defaulted

obligations to make contributions, to the extent they have been received

by or promised to the limited liability company and have not been

returned to any such member.