The Multi Member LLC Operating Agreement, adapted for English and Welsh law, serves as the primary governing document for businesses with multiple owners. While traditional LLCs don't exist in England and Wales, this agreement provides equivalent governance through either LLP or Ltd structures. It's essential when establishing a new business entity or formalizing arrangements between multiple business owners. The document covers crucial aspects including capital contributions, profit sharing, management rights, transfer restrictions, and dispute resolution mechanisms. It should be implemented at business formation or when transitioning from a different business structure, ensuring compliance with the Companies Act 2006 and related legislation.
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1. Parties: Identification and details of all members/partners
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Business Purpose: Scope and objectives of the business
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Structure: Governance and decision-making processes
8. Members' Rights and Obligations: Core responsibilities and entitlements of members
9. Transfer of Interests: Rules for transferring ownership stakes
1. Intellectual Property Rights: IP ownership and protection provisions when the business involves creation or use of intellectual property
2. Non-Compete Provisions: Restrictions on competitive activities when protecting business interests from member competition
3. International Operations: Provisions for cross-border activities when business operates in multiple jurisdictions
4. Regulatory Compliance: Specific regulatory obligations when operating in regulated industries
1. Schedule 1: Members' Details: Detailed information about each member including contact details and ownership percentages
2. Schedule 2: Initial Capital Contributions: Itemized list of initial investments by each member
3. Schedule 3: Business Plan: Initial business plan and strategic objectives
4. Schedule 4: Deed of Adherence: Template for new members joining the business
5. Appendix A: Voting Rights: Detailed voting procedures and rights allocation
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