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Amount of the members capital contribution

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Jack, Teddy, Braden, and Evan form a limited liability company called Millennium Foods, LLC, to operate an organic foods grocery store in Portland, OR. Jack and Teddy each contribute $25,000 capital, Braden contributes $50,000, and Evan contributes $100,000. The LLC's articles of organization are silent as to how profits and losses of the LLC are to be divided. The organic foods grocery store is an immediate success, and Millennium Foods, LLC, makes $200,000 profit the first year. Braden and Evan want the profits distributed based on the amount of the members' capital contribution. Jack and Teddy think the profits should be distributed equally. Who is correct?

Reference no: EM132403866

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