(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.Acts 2005, ch. 286, § 1; 2006, ch. 620, § 23.
Tennessee Legal Code