The Member Managed Operating Agreement serves as the primary governing document for businesses where owners (members) directly manage operations rather than appointing external managers. This document is essential for companies registered in England and Wales seeking to establish clear operational guidelines and protect member interests. It typically includes provisions for decision-making processes, capital contributions, profit distribution, member duties, and dispute resolution mechanisms. The agreement ensures compliance with UK company law while providing flexibility to accommodate specific business needs and member relationships.
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1. Parties: Identification of all members and the company
2. Background: Context and purpose of the operating agreement
3. Definitions: Key terms used throughout the agreement
4. Company Formation: Details of company establishment and structure
5. Members' Rights and Obligations: Core rights and duties of members
6. Management Structure: Decision-making processes and authority
7. Capital Contributions: Initial and ongoing financial commitments
8. Profit and Loss Distribution: Method of allocating profits and losses
9. Transfer of Interests: Rules for transferring membership interests
10. Dissolution: Process for winding up the company
1. Non-Compete Provisions: Restrictions on competitive activities when protecting business interests from member competition
2. Intellectual Property Rights: Ownership and use of IP when IP is significant to the business
3. Banking and Financial Matters: Detailed financial procedures for complex financial operations
4. International Operations: Cross-border business provisions for international businesses
1. Member Details Schedule: Complete information about each member
2. Initial Capital Contributions Schedule: Schedule of initial investments
3. Profit Sharing Ratios Schedule: Detailed breakdown of distribution formulas
4. Company Policies Schedule: Operational procedures and policies
5. Voting Rights Schedule: Detailed voting procedures and weightings
Relevant legal definitions
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Relevant Industries
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