SEPARATENESS/OPERATIONS MATTERS. The Company shall: (a) maintain books and records and bank accounts separate from those of any other person; (b) maintain its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (c) observe all customary organizational and operational formalities; (d) hold itself out to creditors and the public as a legal entity separate and distinct from any other entity; (e) prepare separate tax returns, if necessary, and separate financial statements; (f) allocate and charge fairly and reasonably any common employee or overhead shared with any affiliate; (g) transact all business with affiliates on an arms-length basis and pursuant to enforceable agreements; (h) conduct business in its own name, and use separate stationery, invoices and checks; (i) not commingle its assets or funds with those of any other person; and (j) not assume, guarantee or pay the debts or obligations of any other person.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (Advanced Prosthetics of America, Inc.), Limited Liability Company Operating Agreement (Advanced Prosthetics of America, Inc.), Limited Liability Company Operating Agreement (Advanced Prosthetics of America, Inc.)
