Va. Code » Title 13.1. Corporations » Chapter 12. Virginia Limited Liability Company Act » Article 6. Finance
Virginia Code

Va. Code Ann. § 13.1-1029 (2026)

Sharing of profits and losses

✓ current as of May 2026
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The profits and losses of a limited liability company shall be allocated among the members, and among classes of members, on the basis provided in writing in the articles of organization or an operating agreement. If the articles of organization or an operating agreement does not so provide in writing, profits and losses shall be allocated on the basis of the value, as stated in the limited liability company records required to be kept pursuant to § 13.1-1028, of the contributions made by each member to the extent they have been received by the limited liability company.

1991, c. 168; 1995, c. 168; 1997, c. 190.

Notes of Decisions
Cited in 7 cases (3 in the last 5 years), 1996–2024 · leading case: In Re DeLuca, 194 B.R. 65 (Bankr. E.D. Va. 1996).
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In Re DeLuca, 194 B.R. 65 (Bankr. E.D. Va. 1996). “") [21] "`Membership interest' or `interest' means a member's share of the profits and the losses of the limited liability company and the right to receive distributions of the limited liability company's assets.”
In Re DeLuca, 194 B.R. 79 (Bankr. E.D. Va. 1996). “See § 13.1-1029, Va.Code Ann. ("Sharing of profits and losses") and § 13.”
Broyhill v. DeLUCA (In re DeLUCA), 194 B.R. 65 (Bankr. E.D. Va. 1996). “See § 13.1-1029, Va.Code Ann. ("Sharing of profits and losses") and § 13.”
JTB Enter., L.C. v. D & B Venture, L.C. (In re DeLUCA), 194 B.R. 79 (Bankr. E.D. Va. 1996). “See § 13.1-1029, Va.Code Ann. ("Sharing of profits and losses”) and § 13.”
Danial Selario, etc. v. Cynthia Sullivan (Va. Ct. App. 2024). · cites it 2× “Code § 13.1-1029. And unless otherwise specified in the articles of organization or operating agreement, the LLC makes distributions based on the value “of the contributions made by each member.”
Danette Mertz v. Cynthia Sullivan (Va. Ct. App. 2024). · cites it 2× “Code § 13.1-1029. And unless otherwise specified in the articles of organization or operating agreement, the LLC makes distributions based on the value “of the contributions made by each member.”
Cynthia Sullivan v. Danial Selario, as Adm'r of the Est. of Christopher Selario, e (Va. Ct. App. 2024). · cites it 2× “Code § 13.1-1029. And unless otherwise specified in the articles of organization or operating agreement, the LLC makes distributions based on the value “of the contributions made by each member.”
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