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whoops. board powers are kind of important to include.

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Charles N Wyble - admin 2020-10-28 01:44:03 -05:00
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CommonBoilerplate/ManagementOfTheCompany.md
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@ -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 Officer has the requisite power and authority to take the action or
execute the document in question. 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 ## Annual requirements of members
Not later than February 1 of each year, the Members shall Not later than February 1 of each year, the Members shall
deliver to the Board Of Directors a detailed proposed business plan (the deliver to the Board Of Directors a detailed proposed business plan (the