The LLC is a hybrid form that combines limited responsibility in corporate style and partnership flexibility. The flexible management structure allows owners to design the LLC to meet the company`s requirements. The owners of an LLC are “members” and not shareholders or associates. A member may be an individual, a company, a corporation, another limited liability company or any other legal entity. 1.3. The purpose of the corporation is to engage in any lawful act or activity for which a limited liability company may be incorporated within new York State. This operational agreement takes effect and between and between ` 8.5.2 If the members have not assessed the interests of the deceased member in the previous two years, the value of each member`s shares in the company at the time of death is determined first by mutual agreement between the surviving members and the personal representative of the deceased member`s estate. If the parties are unable to agree on the value within 30 days of the appointment of the deceased member`s personal representative, the surviving members and the personal representative will be required to select a qualified evaluator within 30 days. The selected appraisers must endeavour to determine the value of the shares of the company belonging to the fraudster at the time of death, solely on the basis of their assessment of the total value of the company`s assets and the amount the fraudster would have received if the company`s assets had been sold on that date at fair value and whether the proceeds (after payment of all the company`s obligations) had been made at Section 8. The valuation cannot take into account and discounts for the sale of a minority stake in the company.
If the evaluators cannot agree on the value within 30 days of the selection, both reviewers must select a third evaluator within 30 days. The value of the fraudster`s interest in the company and the purchase price will be the average of the two valuations closest to each other. This amount is final and binding on all parties and their respective beneficiaries, the beneficiaries of the transfer and the representatives. The expenses and expenses of the third evaluator, as well as the expert`s expenses and expenses withheld by the deceased but unpaid member`s estate, are deducted from the purchase price paid for the deceased member`s interest in society.