Limited Liability Company Operating Agreement For A Limited Liability Company Page 10
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12XXXI.
ENCUMBRANCE.
With
consent
from
the
Members,
a
Member
can
encumber
his
LLC
interest
by
a
security
interest
or
other
form
of
collateral.
XXXII.
LLC
INTEREST.
The
Member
has
no
interest
in
property
owned
by
the
L LC.
T he
L LC
i nterest
i s
p ersonal
p roperty.
XXXIII.
S ALE
OF
INTEREST.
The
Member
has
the
full
right
at
any
point
in
time
t o
s ell
h is
L LC
i nterest.
XXXIV.
T ERMINATION
O F
L LC.
O nly
u pon
t he
c onsent
o f
t he
M ember
c an
the
L LC
a nd
i t
a ffairs
b e
d issolved.
XXXV.
F INAL
D ISTRIBUTIONS.
Upon
the
ending
of
the
LLC,
the
assets
must
b e
d istributed
a s
f ollows:
( a)
t o
t he
L LC
c reditors;
a nd
( b)
t o
t he
Member
first
for
the
return
of
their
contributions
and
secondly
respecting
t heir
L LC
i nterest,
i n
t he
p roportions
i n
w hich
t he
M ember
shares
i n
p rofits
a nd
l osses.
XXXVI.
R ECORDS
A ND
I NSPECTION.
T he
L LC
s hall
m aintain
a t
i ts
p lace
o f
business
t he
A rticles
o f
O rganization,
a ny
a mendments
t hereto,
t his
Agreement,
a nd
a ll
o ther
L LC
r ecords
r equired
t o
b e
k ept
b y
t he
A ct,
and
t he
s ame
s hall
b e
s ubject
t o
i nspection
a nd
c opying
a t
t he
reasonable
r equest,
a d
t he
e xpense,
o f
a ny
M ember.
XXXVII.RECORDS
A ND
I NSPECTION.
T he
L LC
s hall
m aintain
a t
i ts
p lace
o f
business
t he
A rticles
o f
O rganization,
a ny
a mendments
t hereto,
t his
Agreement,
a nd
a ll
o ther
L LC
r ecords
r equired
t o
b e
k ept
b y
t he
A ct,
and
t he
s ame
s hall
b e
s ubject
t o
i nspection
a nd
c opying
a t
t he
reasonable
r equest,
a d
t he
e xpense,
o f
a ny
M ember.
XXXVIII.
O BTAINING
ADDITIONAL
INFORMATION.
T he
M ember
o f
t he
L LC
has
the
right
to
reasonably
demand
information
related
to
the
LLC
including:
(a)
Business
information
and
the
financial
condition
of
the
LLC;
(b)
If
available,
obtaining
copies
of
the
LLC’s
federal,
state,
and
local
income
tax
returns
for
each
year.
(c)
Obtaining
information
in
regards
t o
t he
a ffairs
o f
t he
L LC
a s
i s
j ust
a nd
r easonable.
XXXIX.
A PPLICABLE
LAW.
W ithin
t he
m eans
o f
t he
l aw,
t his
A greement
s hall
be
constructed
in
accordance
with
and
governed
by
the
laws
of
the
State
o f
_ _____________________________.
XL.
AMENDMENT.
If
at
any
time
the
Member
may
wish
to
propose
a
new
amendment,
the
Member
shall
submit
it
to
be
in
effect.
This
Agreement
may
not
be
amended
nor
may
any
rights
hereunder
be
waived
e xcept
b y
a n
i nstrument
i n
w riting
s igned
b y
t he
p arty
s ought
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