LIMITED LIABILITY COMPANY OPERATING AGREEMENT
The Logical Dude, LLC
This Single-member LLC Operating Agreement represents The Logical Dude, LLC that was formed in the State of Oregon on October 2 2020, hereinafter known as the "Company".
Adam Vinsant of 30 E 33rd Ave Unit 51052 Eugene, OR 97405 is recognized as the sole member of the Company (the "Member(s)").
NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
- Name and Principal Place of Business
The name of the Company is The Logical Dude, LLC with a principal place of business at 30 E 33rd Ave, #51052, Eugene , Oregon, 97405. The mailing address shall be the same address as the principal office location.
- Registered Agent
The name of the Registered Agent is Adam Vinsant with a registered office located at 30 33rd Ave, #51052, Eugene, Oregon, 97405 for the service of process as of October 4 2020. This may change at any time by the Company filing an amendment with the Secretary of State, or respective office, in the State of Oregon.
The Company was formed on October 2 2020, when the Member(s) filed the Articles of Organization with the office of the Secretary of State pursuant to the statutes governing limited liability companies in the State of Oregon (the “Statutes”).
The purpose of the Company is to engage in and conduct any and all lawful businesses, activities or functions, and to carry on any other lawful activities in connection with or incidental to the foregoing, as the Member(s) in their discretion shall determine.
The term of the Company shall be perpetual, commencing on the filing of the Articles of Organization of the Company, and continuing until terminated under the provisions set forth herein.
- Member(s) Capital Contributions
The Member(s) shall be making a Capital Contribution described as: 100 Chainlink LINK and 2 Ethereum ETH tokens to the Company Nexo account created using firstname.lastname@example.org to be used as starting collateral for company credit line and to be used as the company’s main cryptocurrency custodian. Also added in is .1 BTC, 1 LTC and .25 PAXG tokens to the Nexo account. Ownership of all domains and accounts on Shallowshore Netfirms account and all associated accounts. 2 Bitmain L3 ASIC miners, 7 Futurebit Moonlander 2 ASIC Miners, 5 GPU mining computer and all parts. Ownership of Groove Logic Productions and Pure Logic Recordings, including all included royalty and publishing rights and studio equipment. Ownership of @thelogicaldude Hive account and all assets contained there in as well as thelogicaldude.com and accounted accounts. Also included is Hivelist.io, Hivelist.store and the @hivelist Hive account and all assets contained there in. Ownership of @thelogicaldude Hive account and all assets contained there in. Ownership and rights of Coin Logic and @coinlogic.online Hive account associated accounts and domains. Ownership of HiveFunding.io and @hivefunding Hive account. Ownership of hivetunes.io and @hivetunes Hive account. Ownsership of ebusinesstips.net and @ebusinesstips Hive account. Ownership of domains weedcash.store and cannacurate.store. Ownership of hivecommerce.org and @hivecommerce Hive account. All Hive accounts contain cryptocurrency monetary value.
The Member may make such capital contributions (each a “Capital Contribution”) in such amounts and at such times as the Member shall determine. The Member shall not be obligated to make any Capital Contributions. The Member may take distributions of the capital from time to time in accordance with the limitations imposed by the Statutes.
A “Capital Account” for the Member shall be maintained by the Company. The Member's Capital Account shall reflect the Member’s capital contributions and increases for any net income or gain of the Company. The Member’s Capital Account shall also reflect decreases for distributions made to the Member and the Member’s share of any losses and deductions of the Company.
- Books, Records and Tax Returns
The Company shall maintain complete and accurate books and records of the Company's business and affairs as required by the Statutes and such books and records shall be kept at the Company's Registered Office and shall in all respects be independent of the books, records and transactions of the Member.
The Company's fiscal year shall be the calendar year with an ending month of December.
The Member intends that the Company, as a single member LLC, shall be taxed as a Sole Proprietorship in accordance with the provisions of the Internal Revenue Code.
- Bank Accounts
All funds of the Company shall be deposited in the Company’s name in a bank account or accounts as chosen by the Member(s). Withdrawals from any bank accounts shall be made only in the regular course of business of the Company and shall be made upon such signature or signatures as the Member(s) from time to time may designate. This is mainly used for paying company debts. The bank account is only used for such purpose and to pay out any distributions in USD. All other funds not used for debts will be then used to keep the account current and used to purchase Bitcoin and USDC for company use in the company Next account.
- Management of the Company
The business and affairs of the Company shall be conducted and managed by the Member(s) in accordance with this Agreement and the laws of the State of Oregon.
- Ownership of Company Property
The Company’s assets shall be deemed owned by the Company as an entity, and the Member shall have no ownership interest in such assets or any portion thereof. Title to any or all such Company assets may be held in the name of the Company, one or more nominees or in “street name”, as the Member may determine.
Except as limited by the Statutes, the Member may engage in other business ventures of any nature, including, without limitation by specification, the ownership of another business similar to that operated by the Company. The Company shall not have any right or interest in any such independent ventures or to the income and profits derived therefrom.
- Dissolution and Liquidation
The Company shall dissolve and its affairs shall be wound up on the first to occur of (i) At a time, or upon the occurrence of an event specified in the Articles of Organization or this Agreement. (ii) The determination by the Member that the Company shall be dissolved.
Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.
Upon the disability of a Member, the Member may continue to act as Manager hereunder or appoint a person to so serve until the Member's Interests and Capital Account of the Member have been transferred or distributed.
The Member (including, for purposes of this Section, any estate, heir, personal representative, receiver, trustee, successor, assignee and/or transferee of the Member) shall not be liable, responsible or accountable, in damages or otherwise, to the Company or any other person for: (i) any act performed, or the omission to perform any act, within the scope of the power and authority conferred on the Member by this agreement and/or by the Statutes except by reason of acts or omissions found by a court of competent jurisdiction upon entry of a final judgment rendered and un-appealable or not timely appealed (“Judicially Determined”) to constitute fraud, gross negligence, recklessness or intentional misconduct; (ii) the termination of the Company and this Agreement pursuant to the terms hereof; (iii) the performance by the Member of, or the omission by the Member to perform, any act which the Member reasonably believed to be consistent with the advice of attorneys, accountants or other professional advisers to the Company with respect to matters relating to the Company, including actions or omissions determined to constitute violations of law but which were not undertaken in bad faith; or (iv) the conduct of any person selected or engaged by the Member.
The Company, its receivers, trustees, successors, assignees and/or transferees shall indemnify, defend and hold the Member harmless from and against any and all liabilities, damages, losses, costs and expenses of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by the Member (including amounts paid in satisfaction of judgments, in settlement of any action, suit, demand, investigation, claim or proceeding (“Claim”), as fines or penalties) and from and against all legal or other such costs as well as the expenses of investigating or defending against any Claim or threatened or anticipated Claim arising out of, connected with or relating to this Agreement, the Company or its business affairs in any way; provided, that the conduct of the Member which gave rise to the action against the Member is indemnifiable under the standards set forth herein.
Upon application, the Member shall be entitled to receive advances to cover the costs of defending or settling any Claim or any threatened or anticipated Claim against the Member that may be subject to indemnification hereunder upon receipt by the Company of any undertaking by or on behalf of the Member to repay such advances to the Company, without interest, if the Member is Judicially Determined not to be entitled to indemnification as set forth herein.
All rights of the Member to indemnification under this Agreement shall (i) be cumulative of, and in addition to, any right to which the Member may be entitled to by contract or as a matter of law or equity, and (ii) survive the dissolution, liquidation or termination of the Company as well as the death, removal, incompetency or insolvency of the Member.
The termination of any Claim or threatened Claim against the Member by judgment, order, settlement or upon a plea of nolo contendere or its equivalent shall not, of itself, cause the Member not to be entitled to indemnification as provided herein unless and until Judicially Determined to not be so entitled.
This Agreement and the rights and liabilities of the parties hereunder shall be governed by and determined in accordance with the laws of the State of Oregon. If any provision of this Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of this Agreement, which shall remain in full force and effect.
The captions in this Agreement are for convenience only and are not to be considered in construing this Agreement. All pronouns shall be deemed to be the masculine, feminine, neuter, singular or plural as the identity of the person or persons may require. References to a person or persons shall include partnerships, corporations, limited liability companies, unincorporated associations, trusts, estates and other types of entities.
This Agreement, and any amendments hereto, may be executed in counterparts all of which taken together shall constitute one agreement.
This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof. It is the intention of the Member(s) that this Agreement shall be the sole agreement of the parties, and, except to the extent a provision of this Agreement provides for the incorporation of federal income tax rules or is expressly prohibited or ineffective under the Statutes, this Agreement shall govern even when inconsistent with, or different from, the provisions of any applicable law or rule. To the extent any provision of this Agreement is prohibited or otherwise ineffective under the Statutes, such provision shall be considered to be ineffective to the smallest degree possible in order to make this Agreement effective under the Statutes.
Subject to the limitations on transferability set forth above, this Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, executors, administrators, successors and assigns.
No provision of this Agreement is intended to be for the benefit of or enforceable by any third party.
All items to be recorded publicly, including this document, will be done so through @thelogicaldude account on the Hive blockchain for transparency and sustainability of the data for the long term.
IN WITNESS WHEREOF, the Member(s) have executed this updated Agreement on December 19, 2020.
The Member(s) of The Logical Dude, LLC