ULECx Investment Corporation
d/b/a ULECx Market
d/b/a ULECx Market
Note: This article is an informal and nonbinding summary of what is written in the ULECx Investment Corporation Certificate of Formation and Bylaws. Our attempt in this communication is to help establish a brief understanding of the ownership structure of the ULECx Market. Over time this document will change and evolve.
Vision
The ULECx Investment Corporation (ULECx) is a multi member-owned for-profit entity organized to equip and partner with Birmingham, AL business leaders who have a deep and sincere love for King Jesus and his beloved bride The Church.
Core Values
Birmingham Business Leaders United:
Love God
Love People
Purse Excellence
Choose Joy
Purpose
There are five Essential Ingredients for Success that are required for all businesses to obtain any level of achievement to include:
- people
- intelligence
- capital
- risk
- and resources
The ULECx is an infrastructure that makes it easier to reach these essential elements by reducing barriers that block access to these market assets.
Mission
The ULECx is a market designed for the Essential Ingredients for Success to trade among consumers and suppliers in a safe and reliable manner. The ULECx primary trading platform is found in various social media outlets, ulecx.com, and in-person gatherings at various locations.
Net Income Distribution
The financial goal of The ULECx is to accumulate significant net wealth for her shareholders. Income distribution will not be considered until after $500,000 in receivables has been collected from businesses partners' royalties and gross profits from the sale of services.
All net income only after $500K may be released evenly as a distribution to the Shareholders. However, the primary objective of the ULECx is to derive significant wealth which at this point is more in line with companies like Berkshire Hathaway, Apple, Exxon Mobil, etc. The ULECx greatest interest is reaching those heights and farther than it is in releasing income to her Shareholders. Please note our financial objective is not a promise. It more accurately is our intent and what we believe is our God-given prayer to strive for.
Taxes
The ULECx elects to be taxed as a Corporation entity.
The ULECx C-corporation and reap a lower tax burden at 26% (21% for federal and 5% for the state of Alabama).
Membership Ownership Structure
Subscriber - any person who opts into our email campaign or any of our social media platforms is considered a Participant member
Market Partner - a Market Partner is a business leader that chooses to opt-in as a paying member to The ULECx Market. Market Partners have rights to be published and to publish on ULECx.com and other platforms. Market Partners annual fee is left to the discretion of the member. The contribution fee should be an economic blessing on the Market Partners budget yet honorable to The ULECx Market
Class B Elder Share Holder (33%) - is a limited group of owners that grow only by vote of Class B shareholders. There may be an unlimited number of shareholders with no more than twenty-four of them serving as Elders. Elders may sit in those roles at any given time and are decided by a vote of Class A shareholders. Together Elders serve as the Board of Elders to the King Shareholder. Elders present ideas to the King Shareholder but three of them must sponsor the idea for it to be formally considered among all Class A Shareholders. Class A Shareholders are required to vote in a Chairman to serve as the leader and coordinator of the group. Elders are to serve a minimum of two-year terms. Before the last month of the two-year term, the Elder may choose to remain as an Elder. They may retain their position by vote of the Elders if more than 24 elders exist. By default, all Class A Shareholders are considered Elders so long as 24 or fewer Elders are listed in Class A share. The Chairman will serve a four-year term and can retain that position so long as s/he prefers to and wins a unanimous vote from the Elders.
Only by a vote of the 24 Elders can a Class A Shareholder be added in as a Class A Shareholder. The King Shareholder will decide if a new member can enter into Class A in the event that the Elders vote Talley lands in a tie. The role of Elder can not be transferred from one member to another without a vote by all Class A Shareholders.
The King Shareholder at his complete discretion may add the first three Class A Shareholders. Thereafter only by unanimous vote of the Elders may a member be added in a Class A shareholder.
The Chief Elder is selected from among the 24 Elders by the King A Sharholder. The Chief Elder primary responsibility is to serve as the facilitator of the Elders and formally represent the voice all B share holders.
Class C Angel Shareholder (34%) - has an unlimited number of seats and the Kingshareholder may add Class C certificates at will. The ULECx views the sustainable increase in value of a Class C certificate as the basis of financial return on investment. The ULECx has a goal to give the Class B shareholders a stronger return than the general market and are hoping to outperform the NASDAQ, NYSE, and other popular exchanges by double. Our goal is to not increase the share outstanding greater than our ability to give a return at twice rate of general market exchanges.
Other noteworthy details regarding Class B & C shares holders:
Class B and Class C shareholders are allowed to sell their ownership interest at any point. However The ULECx will collect a transaction fee to expedite the transfer of ownership. The transaction fee is $1,000.
At no point will The ULECx be required to buy the ownership portion of a shareholder.
Class B and Class C can share their share of the company. A transaction fee of $1,000 will be collected by ULECx in the event that either a Class B or Class C member wanted to share their share with someone else.
Class A - King Shareholder (33%) - sovereignty to govern. The king shareholder will choose his own successor and will lead in complete sovereignty. He will not receive any form of net income (including wages) until after $500,000 has been received in net income by the ULECx portfolio. Also for every dollar earned by the King Shareholder, $1 must be distributed evenly to Class B and Class C shareholders as well.
Up to 10% of all gross revenue and investments into the ULECx Investment Corporation will be sent to our wholy owned ULEC Exchange, LLC to cover operating expenses and expressed interest in three out of four of the BAM quadropb bottom line. To include Environmental, Social, and Spiritual returns.
The King Shareholder is only allowed to share their portion of ownership with his or her spouse.
KM Briggs, LLC is currently the King Shareholder under the ownership of Martin and Kayla Briggs. Either one of them is suitable to lead ULECx in the event that either one of them should pass. The Chief Elder would automatically become The King Shareholder in the event that both Martin and Kayla would pass at that same time and had not yet identified a successor. Lord willing Martin and Kayla will choose a successor well before our death to carry on the God-given purpose of The ULECx Market
Business Partner - the goal of The ULECx is to own 20% of various business enterprises and to receive 5% of all net income from that business. Net income is defined as any form of income distributed to the owners of the business and their immediate household family. These distributions mean any distribution net income of any type including wages, salaries, profit distribution, etc. Royalty is to be paid to The ULECx quarterly and are to produce all Year-end filings at the same time they are filed with the IRS.
Note: this is not a legal document or proposal. It is a guideline to help direct the operations and decisions of The ULECx Market Partners. Over time this document will change and evolve.
last updated by Martin A. Briggs on September 23, 2020
