Limited Liability Company Operating Agreement For An Arizona Llc Page 4

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There   s hall   b e   _ _________   i nitial   M anagers.  
 
# of Managers
 
The   i nitial   M anager(s)   i s/are:  
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
A   Manager   shall   hold   their   position   until   the   Members   elect   a  
successor.  
 
The   M embers   s hall   e lect   a nd   m ay   r emove   t he   M anager(s)   b y   m ajority  
vote.  
 
The  authority  shall  be  held  by  the  Members  to  take  all  necessary  and  
proper   a ctions   i n   o rder   t o   c onduct   t he   b usiness   o f   t he   L LC.  
 
Any   Manager   can   take   any   appropriate   action   on   behalf   of   the   LLC,  
including,   but   not   limited   to   signing   checks,   executing   leases,   and  
signing   l oan   d ocuments   e xcept   f or   d ecisions   c oncerning   d istributions.  
 
With   or   without   the   notice   of   a   meeting,   the   action   of   the   Manager  
shall  be  based  on  a  majority  vote  of  the  Managers  when  determining  
the   t iming   a nd   t otal   a mount   o f   d istribution   t o   t he   M embers.  
 
The  compensation  to  the  Manager(s)  shall  be  in  the  discretion  of  the  
majority   o f   t he   M embers   o f   t he   L LC.  
 
XII.  
OFFICERS   AND   RELATING   PROVISIONS.   If   the   Members   decide   to  
manage   t he   L LC,   r ather   t han   a ppointing   a   M anager,   t he   M embers   s hall  
appoint   o fficers   f or   t he   L LC   a nd   t he   f ollowing   p rovisions   s hall   a pply:  
 
(a)
OFFICERS.   T he   o fficers   o f   t he   L LC   s hall   c onsist   o f   a   p resident,   a  
treasurer   a nd   a   s ecretary,   o r   o thers   t hat   m ay   b e   e lected   a nd  
appointed   b y   t he   M embers.   A   M ember   m ay   h old   m ore   t han  
one  or  all  offices.  The  officers  shall  supervise  the  operation  
of   the   LLC   under   the   direction   and   management   of   the  
Members,   a s   f urther   d escribed   b elow.  

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