Common use of DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST Clause in Contracts

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 7 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

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DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 4 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 12:1337 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 3 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 4055 of the ActStatutes. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 3 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0017-00-000 76,109 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 3 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0021-00-000 133 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0013.1-00-000 1037 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0018-00-000 2029 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00304-00-000 C:92 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0031B-4-00-000 405 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 489.404 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 322C.0404 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 29–804.04 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0018-00-000 2029 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 Sections 63.225 and 63.625 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 450.4307 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 10.50.345 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 007-0080-000 803 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 347.107 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 42:2C-34 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0017-00-000 76,109 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0034-00-000 255c of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 42:2C-34 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00304-00-000 C:92 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0010-0032.1-000 30 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 10A-5A-4.05 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 183.0905 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ Member’s interest value, the value will be a debt of the Company. The dissociating Member will may only be able to demand payment of this debt at upon dissolution of the Company or payment by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s Members’ debt if the Company is profitable and passes passed income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the income passed income to current Company Members. (e) The company Company must make a payment to dissociating Member within sixty (60) 60 days of the end of the taxable year for the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paidpaid by Company. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0048-00-000 3a-711 of the Act. (h) The dissociating Member’s Members’ membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00000-000 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 10.50.345 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0034-00-000 255c of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 10A-5A-4.05 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 275.235 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 12:1337 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00000-000 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 004-0038-000 404 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Section 1706.08 of the Act, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 1706.29 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Companycompany’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 007-0080-000 803 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 605.0709 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 275.235 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 86.346 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) : The Company will make timely payments. (b) . The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) . The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) . The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) . The payment schedule will continue until the dissociating Member’s debt is paid. (g) . If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 42:2C-34 of the Act. (h) . The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) . The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Companycompany’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 1601 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 86.346 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00428-00-000 504 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Companycompany’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 46 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Section 1706.08 of the Act, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 1706.29 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 1601 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 Sections 101.206 and 101.207 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0013.1-00-000 1037 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) 60 days of the end of the Companycompany’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0029-00-000 3707 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 Sections 101.206 and 101.207 of the ActLaw. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 8844 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 Sections 63.225 and 63.625 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section Sections 00-00-000 and 00-00-000 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Companycompany’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 17704.04 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0010-0032.1-000 30 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

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DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 17704.04 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0047-00-000 34A-405 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0057D-4-00-000 07 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 25.15.305 of the ActCode. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 489.404 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Sections 507 and 509 of the Law, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 506 of the ActLaw. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00428-00-000 504 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 25.15.305 of the ActCode. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0025-00-000 20 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 25.15.305 of the ActCode. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 4055 of the ActStatutes. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) : The Company will make timely payments. (b) . The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) . The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) . The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) . The payment schedule will continue until the dissociating Member’s debt is paid. (g) . If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0047-00-000 34A-405 of the Act. (h) . The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) . The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0035-008-000 905 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section Sections 00-00-000 and 00-00-000 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 29–804.04 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 46 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0025-00-000 20 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. a The Company will make timely payments. (b) a. b The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) a. c The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) a. d The debt payment must be at least 10% of the value of the passed income to current Members. (e) a. e The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) a. f The payment schedule will continue until the dissociating Member’s debt is paid. (g) a. g If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 605.0709 of the Act. (h) a. h The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 007-0016-000 33 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0057D-4-00-000 07 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Sections 507 and 509 of the Law, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 506 of the ActLaw. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 450.4307 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Section 18- 601 of the Act, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0018-00-000 606 of the Act, of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0031B-4-00-000 405 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0023-0018-000 5-9 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 Sections 63.225 and 63.625 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) 60 days of the end of the Companycompany’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0029-00-000 3707 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0025-00-000 20 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 8844 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) : The Company will make timely payments. (b) . The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) . The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) . The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) . The payment schedule will continue until the dissociating Member’s debt is paid. (g) . If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 4055 of the Act. (h) Statutes. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) . The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0035-008-000 905 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00428-00-000 504 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) 60 days of the end of the Companycompany’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0048-00-000 3a-711 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 15116(C) of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Section 1706.08 of the Act, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) The Company will make timely payments. (b) The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) The debt payment must be at least 10% of the value of the passed income to current Members. (e) The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) The payment schedule will continue until the dissociating Member’s debt is paid. (g) If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 1706.29 of the Act. (h) The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 489.404 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a one taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company Company must make payment to dissociating Member within sixty (60) 60 days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00-00-000 8844 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 00428-00-000 504 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST. Upon Pursuant to Section 18- 601 of the Act, upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method: (a) a. The Company will make timely payments. (b) b. The Company will only be required to make payments towards dissociating Member’s debt if the Company is profitable and passes income to current Members. (c) c. The Company must make a debt payment to the dissociating Member if the Company’s income surpassed 50% of the total determined value of the dissociating Members’ interest in a taxable year. (Example: If dissociating Members’ value was $100,000 and current Member(s) received over $50,000 taxable income in the taxable year, the Company would owe a debt payment to dissociating Member. If current Member(s) only received $40,000 in passed income, there would be no payment due.) (d) d. The debt payment must be at least 10% of the value of the passed income to current Members. (e) e. The company must make payment to dissociating Member within sixty (60) days of the end of the Company’s taxable year. (f) f. The payment schedule will continue until the dissociating Member’s debt is paid. (g) g. If the Company dissolves, the dissociating Member will be a regular creditor and payment will follow Section 0018-00-000 606 of the Act. (h) h. The dissociating Member’s membership interest as assigned to current Members shall NOT accrue interest. (i) i. The Company may pay the amount owed to the dissociating Member at any time.

Appears in 1 contract

Samples: Operating Agreement

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