The Multi Member LLC Agreement, adapted for UK jurisdiction as either an LLP Agreement or Shareholders' Agreement, is essential when two or more parties wish to establish a formal business structure with limited liability protection. While the LLC structure doesn't exist in the UK, this agreement serves the same purpose under English and Welsh law, typically used when founding a new business venture, admitting new members, or restructuring an existing partnership. It defines capital contributions, profit sharing, management rights, transfer restrictions, and dissolution procedures, providing crucial protection for all parties involved.
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Key Requirements PROMPT example:
Multi Member LLC Agreement
"I need a Multi Member LLC Agreement for a tech startup with three founding members, where two will be active in management and one will be a silent investor, with specific provisions for intellectual property protection and future funding rounds."
1. Parties: Identification and details of all members entering into the agreement
2. Background: Context and purpose of the agreement, including business objectives
3. Definitions: Key terms and their meanings as used throughout the agreement
4. Business of the Partnership: Description of the nature and scope of business activities
5. Capital Contributions: Details of initial and ongoing capital contributions by members
6. Profit and Loss Sharing: Distribution of profits and allocation of losses among members
7. Management Structure: Governance framework and decision-making processes
8. Members' Rights and Obligations: Core rights and duties of members
9. Termination: Circumstances and procedures for agreement termination
1. Intellectual Property Rights: IP ownership and protection provisions - use when the business involves significant IP assets
2. Non-Compete Provisions: Restrictions on competitive activities - use when protecting business interests from member competition is crucial
3. International Operations: Provisions for cross-border activities - use when business operates in multiple jurisdictions
4. Special Purpose Vehicles: Provisions for subsidiary entities - use when the business structure includes SPVs
1. Initial Capital Contributions Schedule: Detailed breakdown of members' initial investments
2. Members' Details: Complete information about each member including contact details
3. Business Plan: Initial business plan and strategy
4. Accounting Policies: Agreed accounting principles and procedures
5. Deed of Adherence: Template for new members joining the partnership
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