Operating Agreement Template - Manager-Managed Limited Liability Company Page 19
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365.8.
The Manager will cause all assets of the Company, whether real or personal, to be
held in the name of the Company.
5.9.
All funds of the Company will be deposited in one or more accounts with one or
more recognized financial institutions in the name of the Company, at locations determined by
the Manager. Withdrawal from those accounts will require only the signature of the Manager or
any other person or persons as the Manager may designate.
ARTICLE VI: ACCOUNTS AND ACCOUNTING
6.1.
Complete books of account of the Company’s business, in which each Company
transaction will be fully and accurately entered, will be kept at the Company’s principal
executive office and at any other locations as the Manager will determine from time to time, and
will be open to inspection and copying on reasonable Notice by any Member or the Member’s
authorized representatives during normal business hours. The costs of inspection and copying
will be borne by the Member.
6.2.
Financial books and records of the Company will be kept on the
_________________[select accrual or cash method of accounting], which will be the method of
accounting followed by the Company for federal income tax purposes. The financial statements
of the Company will be prepared in accordance with generally accepted accounting principles
and will be appropriate and adequate for the Company’s business and for carrying out the
provisions of this Agreement. The fiscal year of the Company will be January 1 through
December 31.
6.3.
At all times during the term of existence of the Company, and beyond that term if
the Manager deems it necessary, the Manager will keep or cause to be kept the books of account
referred to in Section 6.2, together with:
(a)
A current list of the full name and last known business or residence
address of each Member, together with the Capital Contribution and the share in Profits
and Losses of each Member;
(b)
A current list of the full name and business or residence address of each
Manager;
(c)
A copy of the Articles of Organization, as amended;
(d)
Copies of the Company’s federal, state, and local income tax or
information returns and reports, if any, for the six most recent taxable years;
(e)
An original executed copy or counterparts of this Agreement, as amended;
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