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20 Feb

Any matter brought before the members to be voted on shall pass when approved by more than 50% of the members as based on their ownership percentage.

Compensation - Members will not be paid for their time in managing The Company.

A members ownership percentage shall the calculated as follows: the members capital contribution divided by total contributed capital shown on the books of The Company.

Transfer of a members ownership of The Company, or a change in a members ownership percentage in The company may only take place upon approval of a majority of the members.

In the ruling, a corporate taxpayer had been incorporated in a state on a particular date, let’s say January 19, 2007.

All members of The Company hereby agree with its provisions. GENERAL PROVISIONS Ownership Percentage - A members ownership interest in The Company shall be calculated as a percentage based on the members capital contribution.

(Member Managed Limited Liability Company) The following document is the operating agreement of : hereafter referred to in this document as The Company.

The Company was formed on when articles of organization were filed with the state of .

Company management, however, was blissfully unaware of this development and continued to file the business’s federal corporate income tax return and pay all federal income taxes.

Eventually, company officers learned of their plight and reincorporated the business in the same state.