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Multi Member Managed LLC Operating Agreement Template for England and Wales

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Key Requirements PROMPT example:

Multi Member Managed LLC Operating Agreement

"I need a Multi Member Managed LLC Operating Agreement for our new technology consulting business with three equal partners, incorporating specific provisions for intellectual property protection and a detailed process for bringing in additional members in the future."

What is a Multi Member Managed LLC Operating Agreement?

The Multi Member Managed LLC Operating Agreement needs to be adapted for use in England and Wales, where Limited Liability Companies (LLCs) are not recognized legal entities. This document is essential when two or more parties wish to establish a formal business structure with limited liability protection. It sets out the framework for business operations, ownership rights, management responsibilities, and financial arrangements. The agreement should be structured either as an LLP Agreement or a Private Limited Company Agreement to comply with English and Welsh law, incorporating all necessary provisions for effective governance and protection of members' interests.

What sections should be included in a Multi Member Managed LLC Operating Agreement?

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 financial commitments

6. Profit and Loss Sharing: Distribution of profits and allocation of losses

7. Management Structure: Decision-making processes and authority levels

8. Voting Rights: Voting procedures and thresholds

9. Transfer of Interests: Rules for transferring ownership stakes

10. Dissolution: Process for winding up the business

What sections are optional to include in a Multi Member Managed LLC Operating Agreement?

1. Non-Compete Provisions: Restrictions on competitive activities - used when protecting business interests from member competition

2. Intellectual Property Rights: Ownership and protection of IP - used when IP is significant to the business

3. Dispute Resolution: Alternative dispute resolution procedures - used when specific dispute mechanisms are desired

4. Tag-Along Rights: Rights to join in sale of interests - used when protecting minority interests

What schedules should be included in a Multi Member Managed LLC Operating Agreement?

1. Schedule of Members: Detailed list of members and their contributions

2. Business Plan: Initial business plan and projections

3. Asset Register: List of company assets and their ownership

4. Delegated Authority Matrix: Detailed breakdown of decision-making powers

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































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Industries

Limited Liability Partnerships Act 2000: Primary legislation governing the formation, operation, and regulation of Limited Liability Partnerships in England and Wales

Limited Liability Partnerships Regulations 2001: Detailed regulations implementing the LLP Act 2000, covering specific operational requirements and procedures for LLPs

Companies Act 2006: Principal legislation governing company formation, management, and operation if structuring as a Private Limited Company

Partnership Act 1890: Foundational legislation establishing general partnership principles that may apply to modern business structures

Business Names Act 1985: Legislation governing the use and registration of business names in the UK

Financial Services and Markets Act 2000: Regulatory framework for financial services industry, relevant if the business operates in financial services

Contract Law: General principles of English contract law governing formation and enforcement of agreements

Employment Law: Body of law governing employment relationships, relevant if members are also employees

Corporation Tax Act 2010: Primary legislation governing taxation of companies and corporate entities in the UK

Insolvency Act 1986: Legislation governing corporate insolvency and business rescue procedures

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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