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Multi Member Operating Agreement

Multi Member Operating Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Multi Member Operating Agreement

"I need a Multi Member Operating Agreement for a technology consulting company to be established in Riyadh by March 2025, with three members (two Saudi nationals and one US investor) contributing equal capital shares, including specific provisions for intellectual property protection and technology transfer regulations."

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Document background
The Multi Member Operating Agreement is essential for businesses establishing a multi-member company structure in Saudi Arabia. It serves as the foundational document defining the relationship between members and the operational framework of the company. This agreement is particularly crucial in the Saudi Arabian context, where business operations must comply with both the Companies Law and Sharia principles. It is used when two or more parties wish to form a company, detailing capital contributions, profit-sharing arrangements, management structure, and decision-making processes. The document must incorporate specific provisions required by Saudi law, including local ownership requirements if foreign investors are involved, and address corporate governance requirements under Saudi regulations. It's particularly relevant for businesses seeking to establish a formal presence in Saudi Arabia while ensuring compliance with local legal and regulatory frameworks.
Suggested Sections

1. Parties: Identification of all members/partners with their full legal names, addresses, and national/commercial registration details

2. Background: Context of the agreement formation and company establishment

3. Definitions: Defined terms used throughout the agreement

4. Formation and Name: Details of company formation, trade name, and type of entity

5. Purpose and Business Activities: Company's authorized business activities and objectives

6. Capital and Contributions: Details of capital structure, member contributions, and ownership percentages

7. Management Structure: Governance framework, manager appointments, and decision-making processes

8. Members' Rights and Obligations: Core rights and duties of members including voting rights

9. Meetings and Resolutions: Procedures for member meetings and decision-making

10. Financial Matters: Accounting, auditing, and distribution of profits

11. Transfer of Interests: Rules for transferring ownership interests and restrictions

12. Term and Termination: Duration of the agreement and termination provisions

13. Dispute Resolution: Procedures for resolving disputes including jurisdiction and applicable law

14. Confidentiality: Protection of company and member confidential information

15. General Provisions: Miscellaneous legal provisions including notices and amendments

Optional Sections

1. Intellectual Property Rights: Required when the company will develop or own significant IP assets

2. Non-Competition: Include when restricting members from competing activities

3. Islamic Finance Compliance: Required when company involves financial activities requiring Sharia compliance

4. Foreign Investment Provisions: Include when foreign members are involved

5. Tag-Along and Drag-Along Rights: Include for companies anticipating future investment or sale

6. Pre-emptive Rights: Include when members want first right to purchase new issued interests

7. Deadlock Resolution: Important for companies with equal ownership splits

8. Key Personnel: Include when specific individuals are crucial to operations

Suggested Schedules

1. Schedule 1 - Member Information: Detailed information about members including contact details and ownership percentages

2. Schedule 2 - Initial Capital Contributions: Detailed breakdown of each member's initial capital contributions

3. Schedule 3 - Business Plan: Initial business plan and operational strategy

4. Schedule 4 - Company Management Structure: Organizational chart and management responsibilities

5. Schedule 5 - Reserved Matters: List of decisions requiring special approval

6. Appendix A - Form of Transfer Deed: Template for documenting ownership transfers

7. Appendix B - Power of Attorney: Standard form for delegating authority

8. Appendix C - Shareholder Resolution Templates: Standard templates for various member resolutions

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
Relevant legal definitions














































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Relevant Industries

Manufacturing

Technology

Professional Services

Real Estate

Trading

Construction

Healthcare

Education

Hospitality

Financial Services

Logistics

Retail

Energy

Consulting

Information Technology

Relevant Teams

Legal

Corporate Governance

Executive Leadership

Finance

Compliance

Business Development

Risk Management

Corporate Affairs

Investment

Operations

Relevant Roles

Chief Executive Officer

Managing Director

Legal Counsel

Corporate Secretary

Chief Financial Officer

Business Development Manager

Compliance Officer

Board Member

General Manager

Operations Director

Investment Manager

Risk Manager

Company Shareholder

Partnership Manager

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

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