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<br />Tax Treatment <br />46.This Company is intended to be treated as a disregarded entity for the purposes of Federal and <br />State Income Tax. <br />Annual Report <br />47.As soon as practicable after the close of each fiscal year, the Company will furnish to each <br />Member an annual report showing a full and complete account of the condition of the Company <br />including all information as will be necessary for the preparation of each Member's income or <br />other tax returns. This report will consist of at least: <br />a.A copy of the Company's federal income tax returns for that fiscal year; <br />b.A breakdown of the profit and loss attributable to each Member; and <br />c.Cash flow statement. <br />Goodwill <br />48.The goodwill of the Company will be assessed at an amount to be determined by appraisal using <br />generally accepted accounting principles (GAAP). <br />Governing Law <br />49.The laws of the State of California will govern the validity of this Agreement, the construction of <br />its terms, and the interpretation of the stated rights and duties. <br />Forbidden Acts <br />50.No Member may do any act in contravention of this Agreement. <br />51.No Member may permit, intentionally or unintentionally, the assignment of express, implied or <br />apparent authority to a third party that is not a Member of the Company. <br />52.No Member may do any act that would make it impossible to carry on the ordinary business of <br />the Company. <br />53.No Member will have the right or authority to bind or obligate the Company to any extent with <br />regard to any matter outside the intended purpose of the Company. <br />LLC Operating Agreement Page 9 of 12 <br />1003 W Richland Ave Units 18, <br />19, 20 & 21 - 101117246 & <br />7255-576/19/2024