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Attorney Dan discusses LLC ownership and profit-loss allocations, particularly for situations with multiple owners. Typically, ownership percentages reflect monetary contributions—e.g., one owner contributing $75,000 holds 75% ownership, while another contributing $25,000 holds 25%. However, there are instances where owners may choose to deviate from this standard allocation. Different profit and loss distributions can be established as long as all parties agree, allowing for flexibility beyond the default rule of matching contributions to ownership percentages. This approach can be beneficial depending on the specific circumstances and agreements among the owners.
