Accounting; Tax Year. (a) The books and records of the Company shall be kept on the cash basis or the accrual basis, as determined by the Managers in their sole and absolute discretion. The Company shall report its operations for tax purposes on the cash method or the accrual method, as determined by the Managers in their sole and absolute discretion. The taxable year of the Company shall be the calendar year, unless the Managers shall designate another taxable year for the Company that is a permissible taxable year under the Code. (b) The books and records of the Company shall be audited by the Company’s independent accountants as of the end of each Fiscal Year, commencing with the first partial Fiscal Year, of the Company.
Appears in 9 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Excelsior Private Markets Fund III (TI), LLC), Limited Liability Company Agreement (Excelsior Private Markets Fund III (Master), LLC)
Accounting; Tax Year. (a) The books and records of the Company shall be kept on the cash basis or the accrual basis, as determined by the Managers in their sole and absolute discretion. The Company shall report its operations for tax purposes on the cash method or the accrual method, as determined by the Managers in their sole and absolute discretion. The taxable year of the Company shall be the calendar year, unless the Managers shall designate another taxable year for the Company that is a permissible taxable year under the Code.
(b) The books and records of the Company shall be audited by the Company’s 's independent accountants as of the end of each Fiscal Year, commencing with the first partial Fiscal Year, of the Company.
Appears in 3 contracts
Samples: Operating Agreement (Excelsior Venture Partners Fund Iii LLC), Operating Agreement (Excelsior Venture Partners Iii LLC), Operating Agreement (Excelsior Venture Partners Iii LLC)
