Texas Operating Agreement between NBC Internet, Inc. and Telocity, Inc.

• Category: Corporations - Public - Operating
• State: Multi-State
• Control #: US-EG-9126
• Format: Word; Rich Text

Description

Operating Agreement between NBC Internet, Inc. and Telocity, Inc. dated December 10, 1999. 58 pages A Texas Operating Agreement is a legally binding document that outlines the terms and conditions of the business relationship between NBC Internet, Inc. and Velocity, Inc. It serves as a framework for their operations and governs their decision-making processes, roles, responsibilities, and other crucial aspects of their partnership. The agreement covers various aspects of the business relationship between the two companies, ensuring clarity and providing a solid foundation for their collaboration. It encompasses details such as the purpose and scope of the partnership, the contributions made by each party, profit and loss distribution, decision-making procedures, dispute resolution mechanisms, and the duration of the agreement. Under the Texas Operating Agreement, NBC Internet, Inc. and Velocity, Inc. may have different types of agreements, depending on their specific needs and goals. These may include: 1. General Partnership Agreement: This type of agreement establishes a partnership where both companies have equal rights and responsibilities. They jointly manage the business, share profits, debt, and liabilities, and make decisions collectively. 2. Limited Partnership Agreement: In this type of agreement, NBC Internet, Inc. may act as a general partner, responsible for managing the day-to-day operations, while Velocity, Inc. may be a limited partner, providing capital but having less influence on the decision-making process. 3. Joint Venture Agreement: If NBC Internet, Inc. and Velocity, Inc. are entering into a specific project or venture, they may create a joint venture agreement to outline the terms and conditions unique to that endeavor. This agreement may cover aspects such as project goals, resource allocation, profit distribution, and termination conditions. 4. Membership Agreement (for LCS): If either NBC Internet, Inc. or Velocity, Inc. is structured as a Limited Liability Company (LLC), they may enter into a membership agreement. This agreement governs the relationship among the members, including their rights, responsibilities, and ownership interests in the company. The Texas Operating Agreement between NBC Internet, Inc. and Velocity, Inc. aims to ensure transparency, minimize misunderstandings, and protect the interests of both parties. It is essential for both companies to carefully review and negotiate the terms of the agreement, seeking legal counsel if necessary, to ensure it accurately reflects their intentions and safeguards their rights.

A Texas Operating Agreement is a legally binding document that outlines the terms and conditions of the business relationship between NBC Internet, Inc. and Velocity, Inc. It serves as a framework for their operations and governs their decision-making processes, roles, responsibilities, and other crucial aspects of their partnership. The agreement covers various aspects of the business relationship between the two companies, ensuring clarity and providing a solid foundation for their collaboration. It encompasses details such as the purpose and scope of the partnership, the contributions made by each party, profit and loss distribution, decision-making procedures, dispute resolution mechanisms, and the duration of the agreement. Under the Texas Operating Agreement, NBC Internet, Inc. and Velocity, Inc. may have different types of agreements, depending on their specific needs and goals. These may include: 1. General Partnership Agreement: This type of agreement establishes a partnership where both companies have equal rights and responsibilities. They jointly manage the business, share profits, debt, and liabilities, and make decisions collectively. 2. Limited Partnership Agreement: In this type of agreement, NBC Internet, Inc. may act as a general partner, responsible for managing the day-to-day operations, while Velocity, Inc. may be a limited partner, providing capital but having less influence on the decision-making process. 3. Joint Venture Agreement: If NBC Internet, Inc. and Velocity, Inc. are entering into a specific project or venture, they may create a joint venture agreement to outline the terms and conditions unique to that endeavor. This agreement may cover aspects such as project goals, resource allocation, profit distribution, and termination conditions. 4. Membership Agreement (for LCS): If either NBC Internet, Inc. or Velocity, Inc. is structured as a Limited Liability Company (LLC), they may enter into a membership agreement. This agreement governs the relationship among the members, including their rights, responsibilities, and ownership interests in the company. The Texas Operating Agreement between NBC Internet, Inc. and Velocity, Inc. aims to ensure transparency, minimize misunderstandings, and protect the interests of both parties. It is essential for both companies to carefully review and negotiate the terms of the agreement, seeking legal counsel if necessary, to ensure it accurately reflects their intentions and safeguards their rights.