Limited Liability Company Operating Agreement Page 12
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15triggering
the
options
shall
be
deemed
to
be
the
date
that
the
LLC
receives
a ctual
n otice
o f
t he
d issociation
e vent.
XXXV.
EFFECT
OF
DISSOCIATION.
When
a
Member
becomes
dissociated
from
the
LLC
they
shall
not
be
entitled
to
receive
fair
value
of
their
LLC
i nterest
s olely
b y
v irtue
o f
d issociation.
I f
t he
d issociated
M ember
still
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
_ _____________________________.
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