Books, Records and Tax Returns. The Members of the Company will create and properly maintain records and books that are complete and accurate. These books will detail the Company’s affairs and business while following generally accepted accounting principles. The Company will provide an annual report within sixty days after the fiscal year has ended. The annual report of the Company shall include the balance sheet, the profit and loss statement, the capital account statement, and a report that details each Member’s share of the Company’s gain, losses, gains, and other necessary information for tax purposes. The Company will be responsible for preparing any federal, state, and local information for income tax returns on behalf of the Company. This information shall be filed in a timely manner. Within sixty days from the end of the Company’s Fiscal year, it will send anyone that was a Member of the Company during the last fiscal year copies of the Company’s tax and information return that was filed with the IRS for the last fiscal year. The elections deemed necessary or allowed to the Company in line with the Internal Revenue Code, and the appointment of a partner for tax matters in line with Section 6231(a)(7) of the Internal Revenue Code for all reasons allowed or deemed necessary by the internal Revenue Code, will be made by the Company through a confirmatory vote of Member’s constituting majority percentage interests. If requested, the Company will provide each Member an up to date list of names and addresses of Company Members and other people or entities with a financial interest in the Company.
Appears in 9 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement, Pennsylvania Limited Liability Company Operating Agreement
