Member Managed LLC Operating Agreement

Member Managed LLC Operating Agreement Template for England and Wales

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Key Requirements PROMPT example:

"I need a Member Managed LLC Operating Agreement for my new tech consultancy launching in March 2025, with specific provisions for intellectual property rights and profit sharing between three founding members who will all contribute equal capital."

Document background

A Member Managed LLC Operating Agreement typically governs the internal operations of a business, though in England and Wales, this would need to be adapted for either an LLP or Ltd structure. This document is essential when establishing a new business or reforming an existing one, providing comprehensive guidelines for management, profit distribution, voting rights, and member responsibilities. It serves as the foundational document that outlines how the business will operate and how decisions will be made, incorporating requirements under English and Welsh law.

Suggested Sections

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 nature of business activities

5. Capital Contributions: Initial and ongoing financial commitments

6. Profit and Loss Distribution: How profits and losses are shared

7. Management Structure: Decision-making processes and authority

8. Voting Rights: Voting procedures and thresholds

9. Transfer of Interests: Procedures for transferring membership interests

10. Dissolution and Winding Up: Process for terminating the business

Optional Sections

1. Non-compete Provisions: Restrictions on competitive activities by members during and after membership

2. Intellectual Property Rights: Ownership and use of intellectual property created by members

3. Dispute Resolution: Procedures for resolving conflicts between members

4. Confidentiality: Protection of business secrets and confidential information

5. Death or Incapacity: Procedures in case of member death or incapacity

Suggested Schedules

1. Schedule 1: Members' Details: Complete information about each member including contact details and ownership percentages

2. Schedule 2: Capital Contributions: Detailed breakdown of initial and agreed future capital contributions by members

3. Schedule 3: Business Plan: Initial business strategy, objectives, and financial projections

4. Schedule 4: Voting Procedures: Detailed voting mechanisms, thresholds, and requirements for different types of decisions

Authors

Alex Denne

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

alex.den.21@genieai.co

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Let's create your Member Managed LLC Operating Agreement

Authors

Alex Denne

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