some important requirement updates
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@@ -87,6 +87,7 @@ Here are your detailed instructions:
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Here are the key requirements for the operating agreement :
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- serve as a detailed and comprehensive parent LLC operating agreement for a Texas series LLC called Turnkey Network Systems LLC
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- be fully compliant with current Texas law
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- State clearly that this is the amended and restated operating agreement of Turnkey Network Systems LLC and that all previous written and verbal agreements of TSYS Group, TSYS, Turnkey Network Systems LLC, Turnkey Network Systems Partnership and Turnkey Network Systems sole proprietorship are hereby null and void.
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- specify that the overall LLC will not have any members except for the Wyble Family Office Group LLC.
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@@ -101,8 +102,13 @@ Here are the key requirements for the operating agreement :
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- specify that all of the LLC series will be default member managed , with the board providing governance , not management.
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- The Board and its sub committees will be governed by charters that are separate from the operating agreement, and can be updated independently of the operating agreement and referenced and deferred to from the operating agreement but updates must be approved by series members
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- the LLC as a whole will be part of an overall organization called TSYS Group. TSYS Group will have a board with sub committees. The LLC will be governed by a sub committee of independent directors elected by the members of all the series LLC.
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- serve as a detailed and comprehensive parent LLC operating agreement for a Texas series LLC called Turnkey Network Systems LLC
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- Disallow the creation of capital accounts or the grant of capital interests.
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- Only allow profits interests to be granted.
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- Specify that all series created under the LLC must use Known Element Enterprises LLC as the sole vendor for IT and business operations systems and services. Prepare a Schedule A with a comprehensive list of services and reference https://contract.knownelement.com for the official list and terms and that the referenced contract overrides the operating agreement and that the contract can be updated by the relevant board committees without members needing to authorize the update process.
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- Specify that all series created under the LLC must use The Campus Trading Company LLC as the sole vendor for transaction/treasury services and systems. Prepare a Schedule B with a comprehensive list of services and reference https://contract.thecampustradingcompany.com for the official list and terms and that the referenced contract overrides the operating agreement and that the contract can be updated by the relevant board committees without members needing to authorize the update.
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- Specify that all series created under the LLC must use The Campus Trading Company LLC as the sole vendor for transaction/treasury services and systems. Prepare a Schedule B with a comprehensive list of services and reference https://contract.thecampustradingcompany.com for the official list and terms and that the referenced contract overrides the operating agreement and that the contract can be updated by the relevant board committees without members needing to authorize the update process .
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- Allow series to directly receive capital from non dilutive sources such as SBIR, economic development funds (grants).
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- Specify that all series created under the LLC must use Redwood Springs Capital Partners LLC for any external equity capital raising.
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- Allow series to directly raise capital from members in exchange for equity.
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- Allow series to take loans from members , but the loan must come through a Redwood Springs Capital Partners fund.
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