Limited Liability Company Operating Agreement For An Arizona Llc Page 12
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15still
owns
interest
in
the
LLC,
they
shall
be
entitled
to
continue
to
receive
such
profits
and
losses.
A
dissociated
Member
shall
receive
similar
items
to
which
he
would
if
he/she
were
a
Member
but
shall
not
b e
c onsidered
a
M ember
n or
h ave
a ny
r ights
o f
a
M ember.
XXXVI.
T ERMINATION
O F
L LC.
O nly
u pon
t he
c onsent
o f
t he
m ajority
o f
t he
Members
c an
t he
L LC
a nd
i t
a ffairs
b e
d issolved.
XXXVII.
F INAL
D ISTRIBUTIONS.
Upon
the
ending
of
the
LLC,
the
assets
must
be
distributed
as
follows:
(a)
to
the
LLC
creditors;
(b)
to
Members
in
satisfaction
of
liabilities
for
distributions;
and
(c)
to
Members
first
for
the
return
of
their
contributions
and
secondly
respecting
their
LLC
interest,
in
the
proportions
in
which
the
Members
s hare
i n
p rofits
a nd
l osses.
XXXVIII.
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.
XXXIX.
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.
XL.
OBTAINING
ADDITIONAL
INFORMATION.
Each
Member
of
the
LLC
has
the
right
to
reasonably
demand
information
related
to
the
Member’s
interest
as
a
Member
in
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
to
the
affairs
o f
t he
L LC
a s
i s
j ust
a nd
r easonable.
XLI.
APPLICABLE
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
_ _____________________________.
XLII.
AMENDMENT.
At
any
time
a
Member
may
wish
to
propose
a
new
amendment
but
the
other
Members
can
waive
it.
The
Proposing
Member
shall
submit
to
the
Members
any
such
proposed
amendment
together
with
an
opinion
of
counsel
as
to
the
legality
of
such
amendment
and
the
recommendation
of
the
Member
as
to
its
adoption.
Once
the
majority
of
the
Member
approves
the
amendment
it
s hall
b e
i n
e ffect.
T his
A greement
m ay
n ot
b e
a mended
n or
m ay
a ny
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