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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成人版 | 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 2005: Primary legislation governing the formation and operation of LLPs in Singapore, including basic requirements for partnership agreements

Business Names Registration Act 2014: Legislation covering requirements for business name registration and compliance with naming regulations in Singapore

Companies Act (Cap. 50): While not directly applicable to LLPs, provides relevant corporate governance guidelines and principles that may influence LLP operations

Partnership Act (Cap. 391): Contains general partnership principles that may apply to LLP operations and member relationships

Income Tax Act: Governs tax treatment of LLPs and partner taxation requirements in Singapore

Personal Data Protection Act 2012: Regulates handling of personal data of members and privacy requirements for the organization

Employment Act: Relevant if the LLP will have employees, outlining employment obligations and rights

ACRA Regulations: Accounting and Corporate Regulatory Authority requirements for annual declarations and compliance

IRAS Requirements: Inland Revenue Authority of Singapore requirements for tax reporting and compliance

Financial Reporting Standards: Standards and requirements for financial record-keeping and reporting for LLPs in Singapore

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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