Establishment of Capital Account. A capital account (the “Capital Account”) shall be established and maintained for the Member in accordance with the principles set forth in sections 704(b) and 704(c) of the Code and the Regulations promulgated thereunder. The Capital Account shall initially be equal to: (i) the full amount of cash contributed by the Member to the Company, and (ii) the fair market value of other property contributed by the Member to the Company (net of liabilities secured by such property that the Company is considered to assume or take subject to under section 752 of the Code).
Appears in 6 contracts
Samples: Limited Liability Company Agreement (HomeAdvisor, Inc.), Limited Liability Company Agreement (Dictionary.com, LLC), Operating Agreement (Dictionary.com, LLC)
Establishment of Capital Account. A capital account (the “"Capital Account”") shall be established and maintained for the Member in accordance with the principles set forth in sections 704(b) and 704(c) of the Code and the Regulations applicable Treasury regulations promulgated thereunder. The Capital Account shall initially be equal to: (i) the full amount of cash contributed by the Member to the Company, and (ii) the fair market value of other property contributed by the Member to the Company (net of liabilities secured by such property that the Company is considered to assume or take subject to under section 752 of the Code).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Match Group Holdings II, LLC)
