10.1 Under the Agreement and pursuant to Section 450.4213 of the Law, members must maintain accurate bookkeeping records of the Company's finances and business affairs at its principal address or other location that the Members may agree on. The Company’s method of accounting will be chosen by the Members, and it is agreed that the Company's accounting year-end period will be Dec. 31.
10.2 Subject to Section 450.4213 of the Law, the Company is legally obliged to keep the following records at its principal address:
10.2.1 An updated list of the full names and last known addresses of all members;
10.2.2 A copy of the Company’s formation documents, this Agreement, with amendments if applicable;
10.2.3 An up-to-date copy of the Company's local, state, and federal income tax returns for the three (3) most recent years;
10.2.4 Copies of all minutes, if any, of each meeting of the Members;
10.2.5 Copies of the Company’s financial statements for the three (3) most recent years; and
10.2.6 Any other information prescribed by Section 450.4213 of the Law.
11.1 In accordance with the provisions of Treasury Regulation 1.704-1(b)(2)(iv), the Company must maintain separate capital and distribution accounts for each Member.
11.2 The Member’s capital accounts must reflect relevant increases and decreases in the initial balance as they may have occurred from time to time.
