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An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
A series limited liability company, commonly known as a series LLC, protected cell company, segregated account company, or segregated portfolio company, and sometimes abbreviated as SLLC, is a form of a limited liability company that provides liability protection across multiple "series" each of which is theoretically protected from liabilities arising from the other series.
It sets forth member capital contributions, ownership percentages, and management structure. Like a prenuptial agreement, an operating agreement can avoid future disputes between members by addressing buy-out rights, valuation formulas, and transfer restrictions. The written LLC operating agreement should be signed by all of its members. [22]
The profits can be distributed to members similar to an LLC. This characteristic is a key defining feature between L3Cs and non-profits. [1] The default distribution is by the percentage of ownership; however, members can contract otherwise within the operating agreement on how profits are distributed.
The Ingram Content Group was formed, in 2009, when Ingram Lightning Group merged with Ingram Digital Group. Ingram Content Group's operating units are Ingram Book Company, Ingram International Inc., Ingram Library Services Inc., Ingram Publisher Services Inc., Ingram Periodicals Inc., Ingram Digital, Lightning Source Inc., Spring Arbor Distributors Inc., and Tennessee Book Company LLC.
In 1958, Haslam left Sail Oil to start his own company, having made an agreement with Claiborne that he would not compete in East Tennessee for three years. [3] On October 9, 1958, Haslam and his first wife, Cynthia, incorporated Pilot Oil Corporation, the name of which was inspired by an insurance ad Haslam had seen while traveling in North Carolina. [2]
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