OPERATING AGREEMENT OF C-DAWG’S ADVENTURE RETREAT, LLC
This Operating Agreement is made effective as of ________, by and among ________, and those Persons identified in Exhibit A attached hereto, as amended from time to time, each of whom is admitted as a Member of the Company in the manner provided in this Agreement.
1.1 "Act" means the Limited Liability Company Act of the state where the Company is formed.
1.2 "Capital Contribution" means the total amount of cash, property, or services contributed to the Company's capital by a Member.
1.3 "Company" refers to C-Dawg's Adventure Retreat, LLC.
1.4 "Fiscal Year" means the calendar year ending December 31st.
1.5 "Member" means any person admitted to the Company as a member as provided herein and who has not ceased to be a member.
1.6 "Net Profits" and "Net Losses" mean the taxable income or loss of the Company.
1.7 "Ownership Interest" means a Member's share of the profits and losses of the Company and the right to receive distributions.
1.8 "Supermajority" means a vote of the Members owning at least 75% of the Ownership Interests.
2.1 Formation: The Members hereby form a Limited Liability Company ("Company") subject to the provisions of the state's Limited Liability Company Act. The Company was formed upon the filing of the Articles of Organization with the Secretary of State of the state in which the Company is located. The Members agree to be bound by the terms and conditions of this Agreement.
2.2 Name: The name of the Company shall be C-Dawg's Adventure Retreat, LLC. The business of the Company may be conducted under this name or any other name that is deemed necessary or appropriate by the Members.
2.3 Purpose: The Company is formed for the purpose of owning, operating, and managing a vacation property which will provide accommodations and various recreational activities. This includes, but is not limited to, the construction and maintenance of cabins, developing outdoor recreational amenities, and facilitating the rental of the property.
2.4 Principal Place of Business: The principal place of business of the Company will be [address of the property], or such other place as the Members may determine.
2.5 Property Ownership: The Company will own and operate the cabins and Accessory Dwelling Units (ADUs) on the property located at an address will be determined once a suitable property has been purchased. The Single Family Residence (SFR) located on the property will be initially owned by Dallen Gietz individually and leased to the S Corporation until the property title is transferred to the Company.