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Standard LLC Agreement

Standard LLC Agreement Template for Philippines

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Key Requirements PROMPT example:

Standard LLC Agreement

"I need a Standard LLC Agreement for a tech startup in Manila with three founding members and potential foreign investors, to be effective from March 2025, with specific provisions for intellectual property protection and future funding rounds."

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Document background
The Standard LLC Agreement is a crucial document for businesses establishing a corporate presence in the Philippines. This agreement is specifically designed to comply with the requirements of the Revised Corporation Code of the Philippines and related business regulations. It serves as the primary governing document that defines the relationship between members, establishes management structures, and sets operational parameters for the company. The document is essential when forming a new LLC or reorganizing an existing business structure in the Philippines, providing comprehensive coverage of ownership rights, capital contributions, profit sharing, management responsibilities, and transfer restrictions. It includes mandatory provisions required by Philippine law while allowing flexibility to accommodate specific business needs and growth plans. This Standard LLC Agreement is particularly important as it provides legal protection for members through limited liability while establishing clear guidelines for corporate governance and decision-making processes.
Suggested Sections

1. Parties: Identifies and provides details of all members forming the LLC

2. Background: States the purpose of the agreement and intention to form an LLC

3. Definitions: Defines key terms used throughout the agreement

4. Formation and Name: Details of LLC formation, registered name, and principal office address

5. Purpose and Powers: Specifies the business purposes and powers of the LLC

6. Capital Contributions: Details of initial and subsequent capital contributions by members

7. Membership Interests: Defines ownership percentages and classes of membership interests

8. Management Structure: Outlines management structure, appointment of officers, and decision-making processes

9. Meetings and Voting: Procedures for member meetings and voting requirements

10. Financial Affairs: Accounting practices, fiscal year, banking, and financial management

11. Distributions: Rules for profit distribution and dividend declarations

12. Transfer of Interests: Procedures and restrictions for transferring membership interests

13. Dissolution and Liquidation: Processes for LLC dissolution and asset distribution

14. Governing Law: Specifies Philippine law as governing law and jurisdiction

15. General Provisions: Standard clauses including notices, amendments, and severability

Optional Sections

1. Foreign Ownership Provisions: Required when foreign investors are involved, detailing compliance with Foreign Investments Act

2. Intellectual Property Rights: Needed when the LLC owns or develops significant IP assets

3. Non-Competition and Confidentiality: Include when protecting trade secrets or preventing member competition is crucial

4. Tag-Along and Drag-Along Rights: Add for LLCs with sophisticated investors or planned exit strategies

5. Dispute Resolution: Optional detailed procedures for handling internal disputes through mediation or arbitration

6. Special Purpose Vehicle Provisions: Include when LLC is formed for a specific project or venture

7. Employee Stock Option Plan: Add when LLC plans to offer ownership interests to employees

Suggested Schedules

1. Schedule A - Member Information: Detailed information about members, including contact details and initial capital contributions

2. Schedule B - Initial Officers: List of initial officers and their positions

3. Schedule C - Capital Contributions: Detailed breakdown of each member's capital contributions, including valuations of non-cash contributions

4. Schedule D - Special Rights and Obligations: Any special rights or obligations attached to different classes of membership interests

5. Appendix 1 - Corporate Governance Guidelines: Detailed procedures for corporate governance and management

6. Appendix 2 - Financial Reporting Requirements: Specific requirements for financial reporting and member communications

7. Appendix 3 - Transfer Procedures: Detailed procedures for transferring membership interests

8. Appendix 4 - Valuation Methodology: Agreed methods for valuing membership interests for various purposes

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions


















































Clauses










































Relevant Industries

Technology

Real Estate

Manufacturing

Professional Services

Retail

Food and Beverage

Construction

Healthcare

Education

Financial Services

Agriculture

Tourism and Hospitality

Import/Export

Consulting

Relevant Teams

Legal

Corporate Governance

Executive Leadership

Finance

Compliance

Risk Management

Corporate Secretariat

Business Development

Investment

Operations

Relevant Roles

Chief Executive Officer

Managing Director

Corporate Lawyer

Business Owner

Chief Financial Officer

Company Secretary

Compliance Officer

Board Member

Legal Counsel

Business Development Manager

Investment Manager

Founding Partner

Corporate Governance Officer

Risk Management Officer

Industries






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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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