Capital Account Bookkeeping. A capital account shall be set up and maintained on the books of the LLC for each member. It shall reflect each member's capital contribution to the LLC, increased by each member's share of profits in the LLC, decreased by each member's share of losses and expenses of the LLC, and adjusted as required in accordance with applicable provisions of the Internal Revenue Code and corresponding income tax regulations.
Appears in 50 contracts
Samples: Single Member Limited Liability Company Operating Agreement, Operating Agreement, Operating Agreement
Capital Account Bookkeeping. A capital account shall be set up and maintained on the books of the LLC Partnership for each memberpartner. It shall reflect each memberpartner's capital contribution to the LLCGeneral Partnership, increased by each memberpartner's share of profits in the LLCPartnership, decreased by each memberpartner's share of losses and expenses of the LLCPartnership, and adjusted as required in accordance with applicable provisions of the Internal Revenue Code and corresponding income tax regulations.
Appears in 15 contracts
Samples: General Partnership Agreement, General Partnership Agreement, General Partnership Agreement
Capital Account Bookkeeping. A capital account shall be set up and maintained on the books of the LLC for each member. It shall reflect each member's ’s capital contribution to the LLC, increased by each member's ’s share of profits in the LLC, decreased by each member's ’s share of losses and expenses of the LLC, and adjusted as required in accordance with applicable provisions of the Internal Revenue Code and corresponding income tax regulations.
Appears in 1 contract
Samples: Operating Agreement (S&W Seed Co)
