Xyz Limited Liability Company Operating Agreement Page 3
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281.13
"Operating Agreement" means this Limited Liability Company Operating
Agreement.
1.14
"Percentage Interest" shall mean for any Member of the Company the
percentage of ownership interest in the Company as set forth in this Operating
Agreement, as may be changed from time to time by the unanimous vote of the
Members or pursuant to the terms hereof.
1.15
"Person" means any individual or entity (partnership, joint venture,
association, corporation, limited liability company, etc.) and the heirs, executors,
administrators, legal representatives, successors, and assigns of such "Person" where the
context so permits.
1.16
"Property" means anything of value.
1.17
"Profits," upon a dissolution event as determined in this Operating
Agreement, are determined and allocated based on any reasonable estimate of profits
from the date of the dissolution event to the projected termination of the Company,
taking into account present and future allocations of profits under the Company
agreement that is in effect as of the date of the dissolution event.
1.18
"State" means the state in which the XYZ Limited Liability Company is
formed, unless indicated otherwise.
ARTICLE II
NAME, PLACE, PURPOSE, AND DURATION
2.1.
Formation: The Parties have formed a Limited Liability Company
pursuant to the Limited Liability Company Act of the State of Utah ("the Act"). The
Members have executed and caused to be filed the Articles of Organization as required
under the Act.
2.2.
Name: The business of the Company shall be conducted under the name
of XYZ Limited Liability Company.
2.3.
Purpose: The business and purpose of the Company shall be to engage in
any lawful act or activity in which a Company may engage, according to law and the
formation documents of the Company.
2.4.
Place: The principal place of business of the Company shall be at 279 N.
University Avenue, Provo, UT 84601, or at such other place as the Company Members
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