Member Managed Operating Agreement Template for Singapore

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Key Requirements PROMPT example:

Member Managed Operating Agreement

"Need a Member Managed Operating Agreement for a new tech consulting LLP in Singapore with tHRee equal partners, focusing on clear profit-sharing arrangements and decision-making processes for client engagements above SGD 500,000."

What is a Member Managed Operating Agreement?

The Member Managed Operating Agreement serves as the primary governing document for Limited Liability Partnerships in Singapore where members directly participate in management decisions. This document becomes essential when establishing an LLP structure where partners want equal say in day-to-day operations rather than appointing designated managers. It addresses crucial aspects such as capital contributions, profit distribution, voting rights, and member obligations while ensuring compliance with Singapore's LLP Act 2005. The agreement is particularly valuable for professional services firms, small businesses, and startups where partners prefer collective decision-making and direct involvement in management.

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

1. Parties: Identifies all members of the LLP

2. Background: Context and purpose of forming the LLP

3. Definitions: Key terms used tHRoughout the agreement

4. Formation and Name: Details of LLP establishment and business name

5. Capital Contributions: Initial and ongoing capital requirements

6. Profit and Loss Distribution: Method of allocating profits and losses

7. Management Structure: Decision-making processes and voting rights

8. Members' Rights and Obligations: Core responsibilities and entitlements of members

9. Meetings: Procedures for member meetings

10. Exit Provisions: Process for member withdrawal or termination

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

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

2. Intellectual Property Rights: Ownership and use of IP - include when LLP develops or owns significant IP

3. Insurance Requirements: MaNDAtory insurance coverage - include for high-risk businesses or professional services

4. International Operations: Rules for foreign operations - include when LLP operates across borders

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

1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each member's initial contribution

2. Schedule 2: Member Details: Complete information about each member

3. Schedule 3: Business Plan: Initial business plan and objectives

4. Appendix A: Voting Procedures: Detailed voting mechanisms and requirements

5. Appendix B: Valuation Methods: Agreed methods for valuing member interests

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Professional Services
Technology
Real Estate
Healthcare
Trading

Relevant Teams

Legal
Finance
Operations
Corporate Governance
Administration

Relevant Roles

Managing Partner
Business Owner
Chief Executive Officer
Chief Financial Officer
Company Secretary

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Let's create your Member Managed Operating Agreement

What is a Member Managed Operating Agreement?

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

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

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

Authors

Alex Denne

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