{"data":{"id":"us-ky/krs-275.520","jurisdiction":"us-ky","citation":"KRS 275.520","heading":"Issuance of membership interests and distributions by nonprofit limited","body":"liability company prohibited -- Exception for some business entities.\n(1) Unless a nonprofit limited liability company has only business entities formed for a\nnonprofit purpose as its members, a nonprofit limited liability company shall not\nhave or issue membership interests in the limited liability company, and no\ndistribution shall be paid, and no part of the income or profit of the limited liability\ncompany shall be distributed to its members or managers.\n(2) No part of the income or profit of a nonprofit limited liability company shall be\ndistributed to its manager or managers.\n(3) A nonprofit limited liability company may pay compensation in a reasonable\namount to its members  or managers for services rendered and may confer benefits\nupon its members in conformity with its purposes, and these payments or benefits\nshall not be deemed to be a distribution of income or profit.","path":["KRS Chapter 275"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44361","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:28Z","sha256":"8c20072f216662d09ee4e518ad58fc11020b92d44bec0ea036802b359cbe05bd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-275.515","next":"us-ky/krs-275.525"},"notice":"GroundRules: Original legal text. Not legal advice."}