Form Il-00llc-1 - Llc Operating Agreement Page 6
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21ARTICLE IV
CONTRIBUTIONS, PROFITS, LOSSES, AND DISTRIBUTIONS
12.
Interest of Members. Each Member shall own a percentage interest
(sometimes referred to as a share) in the LLC. The Member’s percentage interest shall be
based on the amount of cash or other property that the Member has contributed to the LLC
and that percentage interest shall control the Member’s share of the profits, losses, and
distributions of the LLC.
13.
Contributions. The initial contributions and initial percentage interest of the
Members are as set out in this Agreement.
14.
Additional Contributions. Only a majority of the Members of the LLC may
call on the Members to make additional cash contributions as may be necessary to carry on
the LLC's business. The amount of any additional cash contribution shall be based on the
Member's then existing percentage interest. To the extent a Member is unable to meet a cash
call, the other Members can contribute the unmet call on a pro rata basis based on the
Members' percentage interests at that time, and the percentage interest of each Member will
be adjusted accordingly.
15.
Record of Contributions/Percentage Interests. This Agreement, any
amendment(s) to this Agreement, and all Resolutions of the Members of the LLC shall
constitute the record of the Members of the LLC and of their respective interest therein.
16.
Profits and Losses. The profits and losses and all other tax attributes of the
LLC shall be allocated among the Members on the basis of the Members' percentage
interests in the LLC.
17.
Distributions. Distributions of cash or other assets of the LLC (other than in
dissolution of the LLC) shall be made in the total amounts and at the times as determined by
a majority of the Members. Any such distributions shall be allocated among the Members
on the basis of the Members' percentage interests in the LLC.
18.
Change in Interests. If during any year there is a change in a Member's
percentage interest, the Member's share of profits and losses and distributions in that year
shall be determined under a method which takes into account the varying interests during the
year.
ARTICLE V
VOTING; CONSENT TO ACTION
19.
Voting by Members. Members shall be entitled to vote on all matters which
provide for a vote of the Members in accordance with each Member’s percentage interest.
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Parent category: Business