☐ - MULTI-MEMBER. The “Capital Account” for each Member shall mean the account created and maintained for the Member in accordance with Section 704(b) of the Internal Revenue Code and Treasury Regulation Section 1.704-1(b)(2)(iv).
☐ - MULTI-MEMBER. Any dispute, controversy or claim arising out of or in connection with this Agreement or any breach or alleged breach hereof shall, upon the request of any party involved, be submitted to, and settled by, arbitration in the city in which the principal place of business of the Company is then located, pursuant to the commercial arbitration rules then in effect of the American Arbitration Association (or at any other time or place or under any other form of arbitration mutually acceptable to the parties involved). Any award rendered shall be final and conclusive upon the parties and a judgment thereon may be entered in a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration, provided that each party shall pay for and bear the cost of its own experts, evidence and attorneys’ fees, except that in the discretion of the arbitrator any award may include the attorney’s fees of a party if the arbitrator expressly determines that the party against whom such award is entered has caused the dispute, controversy or claim to be submitted to arbitration as a dilatory tactic or in bad faith.
☐ - MULTI-MEMBER. The Members, or their designees, shall maintain complete and accurate records and books of the Company’s transactions in accordance with generally accepted accounting principles. The Company shall furnish each Member, within seventy-five days after the end of each fiscal year, an annual report of the Company including a balance sheet, a profit and loss statement a capital account statement; and the amount of such Member’s share of the Company’s income, gain, losses, deductions and other relevant items for federal income tax purposes. The Company shall prepare all Federal, State and local income tax and information returns for the Company, and shall cause such tax and information returns to be timely filed. Within seventy-five days after the end of each fiscal year, the Company shall forward to each person who was a Member during the preceding fiscal year a true copy of the Company’s information return filed with the Internal Revenue Service for the preceding fiscal year. All elections required or permitted to be made by the Company under the Internal Revenue Code, and the designation of a tax matters partner pursuant to Section 6231(a)(7) of the Internal Revenue Code for all purposes permitted or required by the Code, shall be made by the Company by the affirmative vote or consent of Members holding a majority of the Members’ Percentage Interests. Upon request, the Company shall furnish to each Member, a current list of the names and addresses of all of the Members of the Company, and any other persons or entities having any financial interest in the Company.
Examples of ☐ - MULTI-MEMBER in a sentence
AMENDMENTS (CHECK IF APPLICABLE) ☐ - MULTI-MEMBER: This Agreement may not be altered, amended, changed, supplemented, waived or modified in any respect or particular unless the same shall be in writing and agreed to by the affirmative vote or consent of Members holding a majority of the Members’ Percentage Interests.
More Definitions of ☐ - MULTI-MEMBER
☐ - MULTI-MEMBER. Any dispute, controversy or claim arising out of or in connection with this Agreement or any breach or alleged breach hereof shall, upon the request of any party involved, be submitted to, and settled by, arbitration in the city in which the principal place of business of the Company is then located, pursuant to the commercial arbitration rules then in effect of the American Arbitration Association (or at any other time or place or under any other form of arbitration mutually acceptable to the parties involved). Any award rendered shall be final and conclusive upon the parties and a judgment thereon may be entered in a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration, provided that each party shall pay for and bear the cost of its own experts, evidence and attorneys’ fees, except that in the discretion of the arbitrator any award may include the attorney’s fees of a party if the arbitrator expressly determines that the party against whom such award is entered has caused the dispute, controversy or claim to be submitted to arbitration as a dilatory tactic or in bad faith. • Amendments (Check if Applicable) ☐ - MULTI-MEMBER: This Agreement may not be altered, amended, changed, supplemented, waived or modified in any respect or particular unless the same shall be in writing and agreed to by the affirmative vote or consent of Members holding a majority of the Members’ Percentage Interests. No amendment may be made to Articles that apply to the financial interest of the Members, except by the vote or consent of all of the Members. No amendment of any provision of this Agreement relating to the voting requirements of the Members on any specific subject shall be made without the affirmative vote or consent of at least the number or percentage of Members required to vote on such subject. • Indemnification
☐ - MULTI-MEMBER. The Members, or their designees, shall ensure that there are complete and accurate books and records of all the Company’s transactions adhering to generally accepted accounting principles. The Company shall provide each Member, within seventy-five days after the end of each fiscal year, a yearly Company report. This report shall cover a balance sheet, a profit and loss statement, a capital account statement, and the amount of the Member’s share of the Company’s income gain, losses, deductions, and other pertinent items essential for federal income tax purposes. The Company shall prepare income tax and information returns under the federal, state, and local basis. The Company shall also cause such tax and information returns to be apt as filed. Seventy days subsequent to each fiscal year, the Company shall provide and forward to each person who was a Member during the previous fiscal year an original copy of the Company’s information returns filed with Internal Revenue Service for the preceding fiscal year. The Company shall conduct elections as required under the Internal Revenue Code and designate tax matters partner pursuant to Section 6231 (a) (7) of the Internal Revenue Code for all purposes required by it, provided that, there is an affirmative consent from Members holding most of the Member’s Percentage Interest. Upon request, the Company shall provide to each Member, a current complete and accurate list of Members containing the names and addresses of all Members of the Company, and any other persons having interest in the Company’s finance.
☐ - MULTI-MEMBER. All means of communication, such as notices, demands, and requests made to the Members of the Company, shall be adequately addressed and sent. Notices shall be in writing, and if sent by courier or mail, there should be return receipt with postage prepaid in it addressed as follows: (a) if to the Company, at the principal place in which the Company designates; and (b) if to any Member, to the address stated above, or to such other addresses as may be pointed out by said Member by notice to the Company. Arbitrations MULTI-MEMBER - Any dispute, controversy, or claim connected to this Agreement, or any alleged breach or breach hereof shall, upon the request of the party involved, be submitted and settled by, arbitration in the principal place of the Company complying with the commercial arbitration rules, and then in the effect of the American Arbitration Association. Any award issued shall have a final and conclusive judgment that may be brought over a court with adept jurisdiction. The arbitration costs shall be carried equally by the involved parties, given that each party pays the expenses covered in its own experts, such as evidence and attorneys’ fees. Provided that any compensation can be granted at the arbitrator’s discretion, any award may cover the attorney’s fees of a party. Once the arbitrator expresses that the party whom the award is entered has caused disputes, controversies, or claims to be submitted to arbitration as a dilatory tactic.