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GLOBAL FITNESS ASSOCIATION, LLC
This Operating Agreement (the "Agreement") made and entered into this ______ day of _________________________, 2009 (the "Execution Date"),
Gary Hood of 849 Freels Peak, Incline Village, NV 89450
Gary Gresham of XXXXX Pittsburg, CA 94565
XXXXX XXXXX of XXXXX Rocklin, CA 95677
(Individually the "Member" and collectively the "Members").
IN CONSIDERATION OF and as a condition of the Members entering into this Agreement and other valuable consideration, the receipt and sufficiency of which is acknowledged herewith, the parties to this Agreement agree as follows:
PLACE OF BUSINESS
Value of Contribution
$1,000.00 cash and existing FitForms.com business.
May 1, 2009
DISTRIBUTION OF PROFITS/LOSSES
NATURE OF INTEREST
WITHDRAWAL OF CONTRIBUTION
INTEREST ON CAPITAL CONTRIBUTIONS
COMPENSATION OF MEMBERS FOR SERVICES RENDERED
AUTHORITY TO BIND GFA
DUTY OF LOYALTY
DUTY TO DEVOTE TIME
ADMISSION OF NEW MEMBERS
DISASSOCIATION OF A MEMBER
ASSIGNMENT OF INTEREST
VALUATION OF INTEREST
41. GFA will maintain an up-to-date and at all times accurate records of the following:
BOOKS OF ACCOUNT
CALENDER YEAR END
45. On or before the end of each month following, XXXXX XXXXX, or his designee, will furnish to each Member a report showing a full and complete account of the financial condition of GFA. This report will consist of at least:
46. On or before the end of each month following a calendar year end (or as soon as the accounting firm's review is finalized), XXXXX XXXXX, or his designee, will furnish to each Member a report showing a full and complete account of the financial condition of GFA. This report will include all information as will be necessary for the preparation of each Member's income tax returns. This report will consist of at least:
BANKING AND COMPANY FUNDS
ACTIONS REQUIRING UNANIMOUS CONSENT
AMENDMENT OF OPERATING AGREEMENT
TITLE TO COMPANY PROPERTY
IN WITNESS WHEREOF the parties have duly affixed their signatures under hand and seal on this _______ day of _____________________, 2009.
__________________________________________________Gary Hood (Member)
__________________________________________________Gary Gresham (Member)
__________________________________________________XXXXX XXXXX (Member)
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