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- 1 - SINGLE-MEMBER OPERATING ARRANGEMENT OF _______________________________ LIMITED LIABILITY COMPANY STATE OF COLORADO THIS OPERATING ARRANGEMENT is hereby established, this the _____ day of ______________, 20___, by _____________________________________ the Initial Member. The Initial Member contemplates that additional Members may join the limited liability company in the future, and the following Operating Arrangement has therefore been developed. ARTICLE I FORMATION OF LIMITED LIABILITY COMPANY 1. Formation of LLC. The Initial Member has formed a limited liability company in the State of Colorado named ___________________________________________________ ("LLC"). The operation of the LLC shall be governed by the terms of this Arrangement and the applicable laws of the State of Colorado relating to the formation, operation and taxation of a LLC. To the extent permitted by law, the terms and provisions of this Arrangement shall control if there is a conflict between state law and this Arrangement. The LLC shall be taxed as a sole proprietorship until and unless additional Members are added, after which the LLC will be taxed as a partnership. Any provisions of this Arrangement that may cause the LLC not to be taxed as a sole proprietorship or partnership shall be inoperative. 2. Articles of Organization. The Initial Member has caused to be filed Articles of Organization, (“Articles”) of record with the state, thereby creating the LLC. 3. Business. The business of the LLC shall be: a) _________________________________________________________ __________________________________________________________________________________________________________________ and b) To conduct or promote any lawful businesses or purposes that a limited liability company is legally allowed to conduct or promote, within this state or any other jurisdiction. 4.
. This is the initial member's address. 5. Membership. This is the initial member's address. 6. Notice and record keeping. This is the initial member's address. 7. Change in effective date. This is the initial member's address. 8. Term. The year, unless earlier amended by the initial member, is the term of the LLC. Any llc which is formed by a member and has a first member who leaves prior to the LLC having qualified and paid the tax, will be taxed as a partnership, except that such LLC may be taxed as a sole proprietorship, or any other business, for the first twelve (12) months after the LLC has registered with the state and has paid the tax and paid its first installment. 9. Termination. The LLC members may terminate the llc, or its purpose, at any time prior to its first meeting of creditors or such other event as may be required pursuant to the LLC's articles of organization. Any such termination shall be without prejudice to any of the LLC members right to join a new llc, if they choose. 10. Successor. The LLC shall have no successor, but any successor LLC shall be subject to all the provisions and restrictions set forth herein. The initial LLC shall have all of the rights and powers of the initial LLC, including subject to the obligations hereinafter set forth, a. The right to do business. This right includes the right to register with the state and be taxed and the privilege of maintaining records in a business office designated by the initial member, and, if incorporated, the right to be admitted to the limited liability company class of the Colorado corporate code without qualification required by the state. B. The right to transact business without being taxed. This right includes the duty to comply with all applicable taxes, registration and fees in addition to the right to have a llc taxed hereunder. If incorporated, this duty also includes the duty to keep all books, records and accounts and all other necessary books and records available in a secure place, and to deliver copies to the state within ten (10) working days. The initial LLC must pay all taxes, including the tax assessed pursuant to this paragraph. 1. The original formation documents. These documents must be signed and filed by the initial member. 2. Additional members. It is understood and agreed that: (a) the initial LLC member may add subsequent limited liability company members; and (b) additional members may be added to the LLC at any time prior to