Operating Agreement (Single Member Limited Liability Company) (Page 4 of 7) in pdf

Operating Agreement (Single Member Limited Liability Company) Page 4

4.3. All Company assets, whether real or personal, will be held in the name of the

Company.

4.4. All Company funds will be deposited in one or more accounts with one or more

recognized financial institutions in the name of the Company, at locations determined by the

Sole Member. Withdrawal from those accounts will require the signature of the person or

persons designated by the Sole Member.

ARTICLE V: ACCOUNTS AND RECORDS

5.1. Complete books of account of the Company’s business, in which each Company

transaction will be fully and accurately entered, will be kept at the Company’s principal

executive office.

5.2. Financial books and records of the Company will be kept on the cash method of

accounting. A balance sheet and income statement of the Company will be prepared promptly

following the close of each fiscal year in a manner appropriate to and adequate for the

Company’s business and for carrying out the provisions of this Agreement. The fiscal year of the

Company will be January 1 through December 31.

5.3. At all times during the Company’s term of existence, and beyond that term if the

Sole Member deems it necessary, the Sole Member will keep or cause to be kept the books of

account referred to in Section 5.2, and the following:

(a) A current list of the full name and last known business or residence address of

the Sole Member, together with the capital contributions and the share in profits and losses of the

Sole Member;

(b) A copy of the Articles of Organization, as amended;

returns and reports, if any, for the six most recent taxable years;

(d) Executed counterparts of this Agreement, as amended;

(e) Any powers of attorney under which the Articles of Organization or any

amendments to them were executed;

(f) Financial statements of the Company for the six most recent fiscal years; and

(g) The books and records of the Company as they relate to the Company’s

internal affairs for the current and past four fiscal years.

ARTICLE VI: RESTRICTIONS ON TRANSFER OF MEMBERSHIP INTEREST

Operating Agreement (Single Member Limited Liability Company) Page 4