diff --git a/CommonBoilerplate/ManagementOfTheCompany.md b/CommonBoilerplate/ManagementOfTheCompany.md index b1febfe..29f8d77 100644 --- a/CommonBoilerplate/ManagementOfTheCompany.md +++ b/CommonBoilerplate/ManagementOfTheCompany.md @@ -12,6 +12,47 @@ any Officer without duty of further inquiry and may assume that such Officer has the requisite power and authority to take the action or execute the document in question. +## Major Decisions + +* causing the Company to enter into any agreement which +would subject the Company or its assets to any recourse +liability for borrowings, or for capital contributions to any Person; + +* causing the Company to grant any interests in the +assets, profit, and income of the Company; + +* causing a dissolution of the Company; + +* regarding the Company assets, any sale, transfer, exchange, +mortgage, financing, hypothecation or encumbrance of all or any part +thereof, or any modification of the terms of the foregoing; + +* regarding the Company financial affairs, (A) +determination of major accounting policies including selection of +accounting methods and making various decisions regarding treatment and +allocation of transactions for federal and state income, franchise or +other tax purposes (B) determination of the terms and conditions of all +borrowings of the Company and the identity of the lender +thereof (or (i) applicable Budget therefor; + +* regarding the Company operations, approval of insurance coverages, +the underwriters thereof and claims related thereto, the settlement of +any litigation that is not fully covered by insurance involving more +than $1000.00, entering into any contract which obligates the Company +for more than $500.00 (except to the extent expressly set +forth in an Annual Budget) or which cannot be cancelled without payment +of a cancellation fee or other premium on not more than 30 days prior +notice; and entering into any lease for office space; + +* filing of any petition or consenting to the filing of any petition +that would subject the Company to a bankruptcy or similar +proceeding; + +* any other action which, considered before the taking thereof, +could reasonably be expected to have a material effect upon the business +or affairs of the Company or is a breach of fiduciary duty. + + ## Annual requirements of members Not later than February 1 of each year, the Members shall deliver to the Board Of Directors a detailed proposed business plan (the