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LLCs operating without an operating agreement are governed by the state's default rules contained in the relevant statute and developed through state court decisions. An operating agreement is similar in function to corporate by-laws, or analogous to a partnership agreement in multi-member LLCs. In single-member LLC, an operating agreement is a ...
A shotgun clause (or Texas Shootout Clause [1]) is a term of art, rather than a legal term. It is a specific type of exit provision that may be included in a shareholders' agreement, and may often be referred to as a buy-sell agreement. The shotgun clause allows a shareholder to offer a specific price per share for the other shareholder(s ...
Length and durability of the agreement; Procedure for early termination by either party of the contract; Insurance policies of the hotel and its fixed assets. Management company ownership or investment required; Contract terms in the event of sale of the hotel; Incentive fees earned or penalties assessed related to operating performance
Multi-divisional forms became popular in the United States in the 1960s. Companies that did not use it tended to develop more slowly. [2] During the 19th and early 20th centuries, the unitary form (U-form) was the most common structure of the largest industrial companies.
A major railroad may lease a connecting line from another company, usually the latter company's full system. A typical lease results in the former railroad (the lessee) paying the latter company (the lessor) a certain yearly rate, based on maintenance, profit, or overhead, in order to have full control of the lessor's lines, including operation.
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