Methods of Accounting. (a) The Company shall cause to be prepared with respect to each Fiscal Year financial statements based on GAAP. (b) In addition, the Company shall maintain such records and accounts as are necessary to compute (i) the Profit or Loss of the Company (and individual items of income, gain, deduction and loss for Capital Account purposes) and the Capital Accounts of the Members and (ii) the taxable income or loss of the Company (and individual items of income, gain, deduction and loss for tax purposes).
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (SRAM International Corp), Master Transaction Agreement (SRAM International Corp)
Methods of Accounting. (a) The Company shall cause to be prepared with respect to each Fiscal Year financial statements based on GAAP.
(b) In addition, the Company shall maintain such records and accounts as are necessary to compute (i) the Net Profit or Net Loss of the Company (and individual items of income, gain, deduction and loss for Capital Account purposes) and the Capital Accounts of the Members and (ii) the taxable income or loss of the Company (and individual items of income, gain, deduction and loss for tax purposes).
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Black Elk Energy Finance Corp.)
Methods of Accounting. (a) The Company shall cause to be prepared with respect to each Fiscal Year financial statements (and other information required pursuant to Section 11.3) based on GAAP.
(b) In addition, the The Company shall maintain such records and accounts as are necessary to compute (i) the Profit or Loss of the Company (and individual items of income, gain, deduction and loss for Capital Account purposes) and the Capital Accounts of the Members and (ii) the taxable income or loss of the Company (and individual items of income, gain, deduction and loss for tax purposes).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Carmike Cinemas Inc)
