# Fees, Expenses, and Carry
# If there are expenses associated with operating The LAO, who is responsible for them?
The LAO and its members are responsible for the costs and expenses related to The LAO's activities, operations, and maintenance, as detailed in the operating agreement. This includes any fees charged by the service provider.
# Are there any fees are associated with The LAO?
As noted in these FAQs, The LAO's organizational documents expressly contemplate the use of a service provider to help facilitate, on behalf of the members, activity by The LAO. As compensation for these services, the service provider will initially charge the following fees.
|Year||Service Provider Annual Fee|
All fees are payable on a quarterly basis to the service provider and will begin to accrue once The LAO launches. Members have the right to terminate the services of the service provider at any time.
# Does The LAO charge a carry?
Notably, because The LAO is member managed, it does not have any general partner. No member of The LAO or the service provider will be entitled to a carry, unless otherwise agreed to by the members.