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Attorney Dan Winninake discusses LLCs and the complexities of ownership and profit/loss allocations, particularly in situations with multiple owners. Typically, ownership corresponds to capital contributions—e.g., one owner investing $75,000 holds 75% ownership, while another contributing $25,000 holds 25%. However, there are circumstances where owners may want to deviate from this default allocation. Different profit and loss distributions can be arranged as long as all owners agree and are documented in the operating agreement. This flexibility allows for tailored arrangements that suit the specific needs and agreements of the owners involved.