The profits and losses of a limited liability company shall be allocated among the members and among classes of members in the manner provided in an operating agreement. If an operating agreement does not so provide, profits shall be allocated among the members according to the manner in which they share in distributions that exceed the repayment of their capital contributions, and losses shall be allocated among the members according to the relative capital contributions that they have made or promised to make in the future.

Caution:  The above language was taken from Arizona’s statutes on November 13, 2016.  Check the Arizona legislature’s website to determine if this statute changed after November 13, 2016.