Common use of Joint Venture Entity Clause in Contracts

Joint Venture Entity. The Parties will cause to be formed a limited liability company in the state of Florida under a trade name agreeable to each Party (the “Joint Venture Entity”). The membership interests of the Joint Venture Entity shall be owned initially 70% by Net Element and 30% by the Guru. The Joint Venture Entity will be operated pursuant to an operating agreement that will be agreed to and executed by both Parties. The Joint Venture Entity shall be managed by the Guru as its managing member or Chairman of the Board of Directors. In addition, the Guru shall be the Chief Executive Officer of the Joint Venture Entity.

Joint Venture Entity. The Parties will cause to be formed a limited liability company in the state of Florida under a trade name agreeable to each Party (the “Joint Venture Entity”). The membership interests of the Joint Venture Entity shall be owned initially 70% by Net Element and 30% by the Guru. The Joint Venture Entity will be operated pursuant to an operating agreement that will be agreed to and executed by both Parties. The Joint Venture Entity shall be managed by the Guru as its managing member or Chairman of the Board of Directorsmember. In addition, the Guru shall be the Chief Executive Officer of the Joint Venture Entity.