Sample Limited Liability Company Operating Agreement Template Page 6
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106.3
REPORTS. The Managers shall close the books of account after the close
of each calendar year, and shall prepare and send to each member a statement
of such Member's distributive share of income and expense for income tax
reporting purposes.
ARTICLE VII
Transfers
7.1
ASSIGNMENT. If at any time a Member proposes to sell, assign or
otherwise dispose of all or any part of his interest in the Company, such
Member shall first make a written offer to sell such interest to the other
Members at a price determined by mutual agreement. If such other Members
decline or fail to elect such interest within thirty (30) days, and if the sale or
assignment is made and the Members fail to approve this sale or assignment
unanimously then, pursuant to the applicable law, the purchaser or assignee
shall have no right to participate in the management of the business and
affairs of the Company. The purchaser or assignee shall only be entitled to
receive the share of the profits or other compensation by way of income and
the return of contributions to which that Member would otherwise be entitled.
pg. 6
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