Ownership of Company Property. Assets of the Company are owned by the Company as a separate entity. Members do not and will not have any ownership interest in the assets or any portion of the assets of the Company. The assets will be held in the name of the company, the name of an individual or entity that has been nominated by the company, or in a manner determined by the Members through a confirmatory vote that has a majority of the Member percentage interests. Unless otherwise limited by the Statutes, Members are allowed to participate in any other type of legal business ventures. This includes business ventures similar to the type of business ventures owned and operated by the Company. Furthermore, the Company will not have any right to the assets or interests of the Member’s other independent ventures or the income and profit derived from it.
Appears in 9 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Ownership of Company Property. (Applies ONLY if Multi-Member): Assets of the Company are owned by the Company as a separate entity. Members do not and will not have any ownership interest in the assets or any portion of the assets of the Company. The assets will be held in the name of the company, the name of an individual or entity that has been nominated by the company, or in a manner determined by the Members through a confirmatory vote that has a majority of the Member percentage interests. Unless otherwise limited by the Statutes, Members are allowed to participate in any other type of legal business ventures. This includes business ventures similar to the type of business ventures owned and operated by the Company. Furthermore, the Company will not have any right to the assets or interests of the Member’s other independent ventures or the income and profit derived from it.
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Limited Liability Company Operating Agreement
