Limited Liability Company Operating Agreement Page 5
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10(c) copies of the Company's federal, state and local income tax returns and reports, if
any, for the three most recent years;
(d) copies of any financial statements of the limited liability company for the three most
recent years.
ARTICLE V
Compensation
5.1
MANAGEMENT FEE. Any Manager rendering services to the Company shall be entitled
to compensation commensurate with the value of such services.
5.2
REIMBURSEMENT. The Company shall reimburse the Managers or Members for all
direct out-of-pocket expenses incurred by them in managing the Company.
ARTICLE VI
Bookkeeping
6.1
BOOKS. The Managers shall maintain complete and accurate books of account of the
Company's affairs at the Company's principal place of business. Such books shall be kept
on such method of accounting as the Managers shall select. The company's accounting
period shall be the calendar year.
6.2
MEMBER'S ACCOUNTS. The Managers shall maintain separate capital and distribution
accounts for each member. Each member's capital account shall be determined and
maintained in the manner set forth in Treasury Regulation 1.704-l(b)(2)(iv) and shall
consist of his initial capital contribution increased by:
(a) any additional capital contribution made by him/her;
(b) credit balances transferred from his distribution account to his capital account;
and decreased by:
(a) distributions to him/her in reduction of Company capital;
(b) the Member's share of Company losses if charged to his/her capital account.
6.3
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.
Operating Agreement - 5
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