Operating agreement for LLC
6
(b) credit balances transferred from his distribution account to his capital account;
and decreased by:
(a) distributions to him/her in reduction of Company capital;
(b) the Member's share of Company losses if charged to his/her capital account.
6.3 REPORTS. The Managers shall close the books of account after the close of each
calendar year, and shall prepare and send to each member a statement of such Member's
distributive share of income and expense for income tax reporting purposes.
ARTICLE 7
Transfers
7.1 ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise
dispose of all or any part of his interest in the Company, such Member shall first make a
written offer to sell such interest to the other Members at a price determined by mutual
agreement. If such other Members decline or fail to elect such interest within thirty (30)
days, and if the sale or assignment is made and the Members fail to approve this sale or
assignment unanimously then, pursuant to the Vermont Limited Liability statutes, the
purchaser or assignee shall have no right to participate in the management of the business
and affairs of the Company. The purchaser or assignee shall only be entitled to receive
the share of the profits or other compensation by way of income and the return of
contributions to which that Member would otherwise be entitled.
Signed and Agreed this ________ day of _______________ 20____.
Member____________________ Member_________________________
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
FOR ________________________________, L.L.C.
LISTING OF MANAGERS
By a majority vote of the Members the following Managers were elected to operate the
Company pursuant to ARTICLE 4 of the Agreement:
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