(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.
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Terms Used In Tennessee Code 48-249-304

  • Financial rights: means a member's or holder's rights to:
    (A) Share in profits and losses, as provided in §. See Tennessee Code 48-249-102
  • LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
  • LLC documents: means either, or both:
    (A) An LLC's articles. See Tennessee Code 48-249-102
  • Record date: means the date established under chapter 16 or 17 on which a corporation determines the identity of its shareholders for purposes of chapters 11-27 of this title. See Tennessee Code 48-11-201
(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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