9079064 - Laserfiche WebLink

Home Browse Search

• 6.5 Legal and Accounting Services. The Operating Member is authorized to obtain legal and accounting services to the extent reasonably necessary for the conduct of the Company's business. 7. BOOKS OF ACCOUNT,ACCOUNTING REPORTS, TAX RETURNS, FISCAL YEAR, BANKING 7.1 Books of Account. At the expense of the Company,the Operating Member must maintain records and accounts of all operations and expenditures of the Company at the principal office of the Company. At a minimum, the Company records must include(I)a current list of the full name and last-known business, residence, or mailing address of each Member, both past and present; (2)a copy of the Articles of Organization and all amendments; (3) a copy of the Company's currently effective written Operating Agreement and all amendments; and (4)Copies of the Company's federal, state and local income tax returns and reports, if any, for the three most recent years. Each Member has access to these at all reasonable times. The Operating Member must keep and maintain books and records of the operations of the Company that are appropriate and adequate for the Company's business and for carrying out this Agreement. The Operating Member must prepare the books and records on the basis of generally accepted accounting principles. 7.2 Accounting Reports. Within 120 days after the end of each fiscal year of the Company, the Operating Member may furnish each Member with copies of internally prepared financial statements of the Company. 7.3 Audit. At any time, on the written request of a majority of the Members,an audit of the accounting books of the Company will occur at the expense of the Company. All Members must cooperate fully with the accountant conducting the audit. 7.4 Tax Returns. The Operating Member must cause to be prepared and on the review and approval of them by a Majority of the Members, must timely file with the appropriate authorities as necessary all federal and state income tax returns for the Company. Within 90 days after the end of each taxable year, or within a lesser time prescribed by the Internal Revenue Service,each Member will be furnished with a statement that may be used by the Member in the preparation of the Member's income tax returns, showing the amounts of any distributions, gains,profits,losses, deductions, or credits allocated to him or her during the fiscal year. 7.5 Method of Accounting. The Company will use the method of accounting previously determined by the Members for financial reporting and tax purposes. 7.6 Fiscal year of Taxable Year. The fiscal year and the taxable year of the Company is the calendar year. 7.7 Capital Accounts. The Company will maintain a Capital Account for each Member on a cumulative Basis in accordance with federal income tax accounting principles set forth in Treasury Regulation§1.704-1(b)(2)(iv). 7.8 Banking. All funds of the Company will be deposited in a separate bank account or in an account or accounts of a savings and loan association in the name of the Company as determined by Page-7- OPERATING AGREEMENT