Limited Liability Company Operating Agreement For A Limited Liability Company Page 6
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12of
the
sole
Member
of
the
LLC
shall
constitute
the
record
of
the
Member
o f
t he
L LC
a nd
o f
t heir
r espective
i nterest
t herein.
XVIII.
DISTRIBUTIONS.
Distribution
of
cash
and
other
assets
of
the
LLC
(other
than
in
dissolution
of
the
LLC)
shall
be
made
in
the
total
amounts
and
at
the
periods
decided
upon
by
the
Member.
Any
such
distributions
shall
be
allocated
among
to
the
Member
on
the
basis
of
the
M embers’
p ercentage
i nterest
i n
t he
L LC.
XIX.
PROFITS
AND
LOSSES.
On
the
basis
of
the
Members’
percentage
interest
i n
t he
L LC,
t he
p rofits
a nd
l osses
a nd
a ll
o ther
t ax
a ttributes
o f
the
L LC
s hall
b e
a llocated
t o
t he
M ember.
XX.
CHANGE
IN
INTEREST.
IF
during
any
year
there
is
a
change
in
the
Member’s
percentage
interest,
the
Member’s
share
of
the
profits
and
losses
and
distributions
in
that
year
shall
be
determined
under
a
method
which
takes
into
account
the
varying
interest
during
that
year.
XXI.
VOTING
BY
MEMBERS.
In
relation
with
the
Member’s
percentage
interest,
the
Member
shall
be
entitled
to
vote
on
all
matters
that
provide
f or
a
v ote
o n
t he
s ubject
o f
t he
L LC.
XXII.
MAJORITY
DEFINED.
The
term
“Majority”
of
the
Member(s)
shall
mean
a
majority
of
the
ownership
interest
of
the
LLC
as
determined
by
the
records
of
the
LLC
on
the
date
of
the
action
when
used
throughout
t his
a greement.
XXIII.
MAJORITY
REQUIRED.
The
majority
of
the
Members,
or
sole
Member,
b ased
u pon
t heir
p ercentage
o wnership,
e xcept
a s
o therwise
provided
and
delegated
to
the
Officers
or
Managers,
shall
decide
all
decisions
m ade.
XXIV
MEETINGS.
Meetings
of
the
Member(s),
Manager(s),
and
Officer(s)
may
b e
c alled
i n
t he
e vent
b y
a ny
m ember
o wning
1 0%
o r
m ore
o f
t he
LLC,
or,
if
Managers
were
selected,
by
the
Manager
of
the
LLC,
or
if
Officers
w ere
e lected,
b y
a ny
o fficer.
XXV.
WRITTEN
CONSENT/MEETINGS.
The
Member
or
Officer(s)
do
not
have
to
hold
a
meeting
in
order
to
accomplish
an
action
but
evidence
of
t he
a ction
s hall
b e
r ecorded
a nd
s igned
b y
t he
m ajority
o f
M embers
or
the
sole
Member.
Action
without
a
meeting
may
be
evidence
by
a
written
c onsent
s igned
b y
t he
M ember,
P resident,
o r
S ecretary.
XXVI.
MEMBER
HAS
NO
EXCLUSIVE
DUTY
TO
LLC.
T he
M ember
m ay
h ave
other
business
interests
and
may
participate
in
other
investments
in
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