Steve,Martha,and Pete formed an LLC two years ago.Steve has contributed $100,000,Martha has contributed $50,000,and Pete has contributed $50,000 to date to the LLC.The LLC made a profit of $30,000 in two years.By default,how much will Steve's share of profits be?

Question

Quizplus · Accepted Answer

The RULLCA provides that members share profits and other distributions equally,regardless of differences in their capital contributions.As such,Steve's share of profit will be $10,000.

Steve,Martha,and Pete Formed an LLC Two Years Ago