The Members Agreement For LLC is essential when establishing or restructuring a Limited Liability Company in England and Wales. It serves as the primary governing document that defines how the LLC will operate and how members will interact with each other. This agreement is particularly crucial when multiple members are involved, as it helps prevent future disputes by clearly outlining capital contributions, profit sharing, management responsibilities, and exit procedures. The document must comply with UK company law while providing flexibility for business growth and change.
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Key Requirements PROMPT example:
Members Agreement For LLC
"Need a Members Agreement For LLC for a new tech startup with three founding members, where two will be active in management and one will be a silent investor, with specific provisions for future funding rounds and IP protection."
1. Parties: Identification and details of all members of the LLC
2. Background: Context of the agreement and purpose of the LLC
3. Definitions: Key terms and their meanings used throughout the agreement
4. Members' Rights and Obligations: Core responsibilities and entitlements of members including voting rights and duties
5. Capital Contributions: Initial and ongoing capital requirements, procedure for additional contributions
6. Profit and Loss Sharing: Distribution of profits, allocation of losses, and dividend policy
7. Management Structure: Governance framework, decision-making processes, and meeting procedures
8. Transfer of Interests: Rules regarding transfer of membership interests, including right of first refusal
9. Termination: Circumstances and process for agreement termination, member withdrawal, and dissolution
1. Non-compete Provisions: Restrictions on competitive activities and confidentiality obligations
2. Intellectual Property Rights: Ownership and use of intellectual property created by members
3. International Operations: Provisions for cross-border activities and compliance requirements
4. Deadlock Resolution: Procedures for resolving deadlock situations in decision-making
5. Tag-Along and Drag-Along Rights: Provisions protecting minority members in sale situations
1. Schedule 1: Member Details: Detailed information about each member including contact details and shareholding
2. Schedule 2: Initial Capital Contributions: Breakdown of initial capital provided by each member
3. Schedule 3: Business Plan: Initial business plan and strategy
4. Appendix A: Deed of Adherence: Template for new members joining the LLC
5. Appendix B: Valuation Methodology: Agreed method for valuing membership interests
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