Form Sc-00llc-1 - Llc Operating Agreement Page 3
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205.
Duration. The LLC will commence business as of the date of filing and will continue in
perpetuity.
6.
Fiscal Year. The LLC's fiscal and tax year shall end December 31.
ARTICLE II
MEMBERS
7.
Initial Members. The initial members, their initial capital contributions and their
percentage interest in the LLC are:
Initial
Percentage Interest
Capital
Members
in LLC
Contribution
________________________
_________________
___________________
________________________
_________________
___________________
________________________
_________________
___________________
________________________
_________________
___________________
8.
Additional Members. New members may be admitted only upon the consent of a
majority of the Members and upon compliance with the provisions of this agreement.
ARTICLE III
MANAGEMENT
9.
Management. The Members have elected to manage the LLC as follows (check as
appropriate):
The management of the LLC shall be vested in the Members without an appointed
manager. The members shall elect officers who shall manage the company.
The
President and Secretary may act for and on behalf of the LLC and shall have the power
and authority to bind the LLC in all transactions and business dealings of any kind except
as otherwise provided in this Agreement.
The Members hereby delegate the management of the LLC to Manager(s), subject to
the limitations set out in this agreement.
a)
The Members shall elect and may remove the Manager(s) by majority vote.
b)
A Manager shall serve until a successor is elected by the Members.
c)
The Manager(s) shall have the authority to take all necessary and proper actions
in order to conduct the business of the LLC.
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