Common use of Capital Account Bookkeeping Clause in Contracts

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.

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.

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.