Common use of Profits and Losses Clause in Contracts

Profits and Losses. The entire net profit or net loss of the Company for each fiscal year will be allocated to the Member and must be reported by the Member on all federal, state, and local income and other tax returns required to be filed by the Member.

Profits and Losses. The entire net profit or net loss of the Company for each fiscal year will be allocated to the Member Members and must be reported by the Member Members on all federal, state, and local income and other tax returns required to be filed by the Member.