Virginia 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 Title: Understanding the Virginia Operating Agreement between NBC Internet, Inc. and Velocity, Inc. Introduction: The Virginia Operating Agreement serves as a legally binding contract between two entities, NBC Internet, Inc. and Velocity, Inc., outlining the terms and conditions under which they will conduct their business operations. This agreement is essential for establishing a solid foundation for their collaborative endeavors. Let's delve into the intricacies of the Virginia Operating Agreement and explore any potential variations it may have. Keywords: Virginia Operating Agreement, NBC Internet, Inc., Velocity, Inc., legal contract, business operations, collaboration. 1. Purpose of the Virginia Operating Agreement: The Virginia Operating Agreement defines the purpose and objectives of the partnership or collaboration between NBC Internet, Inc. and Velocity, Inc., ensuring both parties are aligned in their visions and goals. 2. Roles and Responsibilities: This agreement details the roles and responsibilities of each entity involved, providing a clear understanding of their respective obligations, authorities, and limitations. 3. Capital Contributions and Ownership: The Virginia Operating Agreement outlines the capital contributions made by each party, the ownership percentages assigned, and any profit or loss allocation clauses. This ensures transparency and fairness in the partnership. 4. Decision-Making and Voting Rights: The agreement establishes the decision-making process, specifying the manner in which votes are conducted and the majority required for any business-related resolutions. 5. Management and Governance: This section describes how NBC Internet, Inc. and Velocity, Inc. will manage and govern their partnership, including the appointment of managers, board of directors, and the handling of day-to-day operations. 6. Distributions and Dissolution: The Virginia Operating Agreement contains provisions for the distribution of profits and losses among partners, addressing how funds will be distributed and resolving potential disputes. Additionally, it outlines the process for dissolving the partnership if necessary. 7. Non-Compete and Confidentiality: To protect the interests of all involved parties, this agreement includes non-compete and confidentiality provisions, preventing partners from engaging in similar ventures or divulging confidential information to third parties. Types of Virginia Operating Agreements between NBC Internet, Inc. and Velocity, Inc. (if applicable): 1. General Virginia Operating Agreement: This is the standard agreement that covers the aforementioned key elements and forms the basis for the partnership between NBC Internet, Inc. and Velocity, Inc. 2. Amended and Restated Virginia Operating Agreement: This agreement is created when the initial agreement requires changes or updates. It replaces the original agreement entirely, incorporating any modifications mutually agreed upon by both parties. Conclusion: The Virginia Operating Agreement between NBC Internet, Inc. and Velocity, Inc. is a critical document that defines their cooperative relationship, safeguards their interests, and provides a framework for decision-making and accountability. By establishing clear guidelines and expectations, this agreement ensures the smooth functioning of their partnership, promoting long-term success.

Title: Understanding the Virginia Operating Agreement between NBC Internet, Inc. and Velocity, Inc. Introduction: The Virginia Operating Agreement serves as a legally binding contract between two entities, NBC Internet, Inc. and Velocity, Inc., outlining the terms and conditions under which they will conduct their business operations. This agreement is essential for establishing a solid foundation for their collaborative endeavors. Let's delve into the intricacies of the Virginia Operating Agreement and explore any potential variations it may have. Keywords: Virginia Operating Agreement, NBC Internet, Inc., Velocity, Inc., legal contract, business operations, collaboration. 1. Purpose of the Virginia Operating Agreement: The Virginia Operating Agreement defines the purpose and objectives of the partnership or collaboration between NBC Internet, Inc. and Velocity, Inc., ensuring both parties are aligned in their visions and goals. 2. Roles and Responsibilities: This agreement details the roles and responsibilities of each entity involved, providing a clear understanding of their respective obligations, authorities, and limitations. 3. Capital Contributions and Ownership: The Virginia Operating Agreement outlines the capital contributions made by each party, the ownership percentages assigned, and any profit or loss allocation clauses. This ensures transparency and fairness in the partnership. 4. Decision-Making and Voting Rights: The agreement establishes the decision-making process, specifying the manner in which votes are conducted and the majority required for any business-related resolutions. 5. Management and Governance: This section describes how NBC Internet, Inc. and Velocity, Inc. will manage and govern their partnership, including the appointment of managers, board of directors, and the handling of day-to-day operations. 6. Distributions and Dissolution: The Virginia Operating Agreement contains provisions for the distribution of profits and losses among partners, addressing how funds will be distributed and resolving potential disputes. Additionally, it outlines the process for dissolving the partnership if necessary. 7. Non-Compete and Confidentiality: To protect the interests of all involved parties, this agreement includes non-compete and confidentiality provisions, preventing partners from engaging in similar ventures or divulging confidential information to third parties. Types of Virginia Operating Agreements between NBC Internet, Inc. and Velocity, Inc. (if applicable): 1. General Virginia Operating Agreement: This is the standard agreement that covers the aforementioned key elements and forms the basis for the partnership between NBC Internet, Inc. and Velocity, Inc. 2. Amended and Restated Virginia Operating Agreement: This agreement is created when the initial agreement requires changes or updates. It replaces the original agreement entirely, incorporating any modifications mutually agreed upon by both parties. Conclusion: The Virginia Operating Agreement between NBC Internet, Inc. and Velocity, Inc. is a critical document that defines their cooperative relationship, safeguards their interests, and provides a framework for decision-making and accountability. By establishing clear guidelines and expectations, this agreement ensures the smooth functioning of their partnership, promoting long-term success.