LIMITED LIABILITY COMPANY OPERATING AGREEMENT OFLimited Liability Company Operating Agreement • August 4th, 2015 • Duke Energy Progress, Llc. • Electric services • North Carolina
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF Duke Energy Progress, LLC (formerly known as Duke Energy Progress, Inc.) (the "Company"), a limited liability company, organized pursuant to and in accordance with the North Carolina Limited Liability Company Act, North Carolina General Statutes, Chapter 57D, et seq. (the “Act”), is executed as of this 1st day of August, 2015. Progress Energy, Inc., a North Carolina corporation, is the sole member of the Company (the "Member"). Solely for U.S. federal income tax purposes as provided in Treasury Regulations Section 301.7701-3 (as well as for applicable state, local or foreign tax purposes), the Member and the Company intend the Company to be disregarded as an entity that is separate from the Member. For all other purposes (including, without limitation, limited liability protection for the Member from Company liabilities), however, the Member and the Company intend the Company to be respected as a separate legal entity that is separa
