Xyz Limited Liability Company Operating Agreement Page 10
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28debts or losses of the Company beyond his respective Capital Contributions and any
obligation of the Member to make Capital Contributions, or as otherwise required by
law.
4.4
Member Approval. A vote of the Members holding a Majority Interest
shall be required to approve the following:
a.
to approve all operating budgets and capital budgets for the
Company;
b.
to approve all leases and other long term agreements between the
Company and any other Person or entity;
c.
to approve all borrowing (whether pursuant to loan or credit
agreements, notes, leases or otherwise) by the Company;
d.
to approve the sale, exchange, or other disposition of all, or
substantially all, of the Company's assets which is to occur as part of
a single transaction or plan;
e.
to direct Managers to take such other actions as Members with a
Majority Interest deem, in their sole discretion, to be in the best
interest of the Company and its Members; and
f.
to approve any major act or decision of the Company.
[or]
4.4
Member Approval. A vote of the Members holding a Majority Interest
shall be required to approve the following:
a.
to approve all leases and other long term agreements between the
Company and any other Person or entity;
b.
to approve all borrowing (whether pursuant to loan or credit
agreements, notes, leases or otherwise) by the Company;
[The first provision is for arm’s length business partners, the second provision is for closer
partners, such as a husband and wife LLC. The first provision gives Members more control over
the Manager, while the second provision gives more charging order protection.]
4.5
Company Books. Each Member shall have the right upon a reasonable
written request, at a time during ordinary business hours, as reasonably determined by
the Managers, to inspect and/or copy (at the requesting Member's expense) the
accounts, books, and other relevant Company documents. The Member shall maintain
all such copied material as confidential.
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