Common use of Books Records and Reports Clause in Contracts

Books Records and Reports. 11.1 At all times during the continuance of the Company, the Administrative Manager shall keep or cause to be kept full and true books of account, in which shall be entered fully and accurately each transaction of the Company. The books of account, together with an executed copy of the Articles of Organization of the Company and any amendments thereto, shall at all times be maintained at the principal office of the Company and shall be open to inspection and examination by the Members or their representatives at reasonable hours and upon reasonable notice. For purposes hereof, the Company shall keep its books and records on the same method of accounting employed for tax purposes. 11.2 The fiscal year of the Company shall be the calendar year. Within a reasonable time after the end of each fiscal year and in any event on or before thirty (30) days prior to the filing date for individual tax returns (including extensions), the accountants for the Company shall deliver to each Member (a) an annual statement of the Company's receipts and expenses for such year and the Capital Account of such Member as of the end of each such year, prepared by the Company's accountants, and (b) a report or a tax return setting forth such Member's share of the Company's profit or loss for such year and such Member's allocable share of all items of income, gain, loss, deduction and credit for federal income tax purposes. 11.3 The Company shall also cause to be prepared and filed all federal, state and local tax returns required of the Company. All books, records, balance sheets, statements, reports and tax returns required pursuant to this Section 11 shall be prepared at the expense of the Company. 11.4 In accordance with Section 301(e) of the Law,. the Administrative Manager shall cause to be prepared and filed biennially the requisite statements for which service of process shall be accepted by the Secretary of State on behalf of the Company.