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Single Member Operating Agreement

Single Member Operating Agreement Template for Australia

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Key Requirements PROMPT example:

Single Member Operating Agreement

"I need a Single Member Operating Agreement for my new technology consulting business in Sydney, Australia, launching in March 2025, with specific provisions for protecting intellectual property and potential future expansion to include additional shareholders."

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Document background
The Single Member Operating Agreement is a fundamental document for Australian entrepreneurs and business owners who choose to operate their business as a single-member proprietary company. It serves as the primary governance document that outlines how the company will be operated, managed, and controlled. This agreement is particularly important in the Australian business context, where it must align with the Corporations Act 2001 and other relevant federal and state legislation. The document typically includes provisions for capital contributions, management structure, financial distributions, record-keeping requirements, and potential future changes in ownership. It's especially crucial for establishing clear boundaries between personal and business affairs, protecting personal assets, and providing a framework for potential future expansion. The agreement should be drafted with consideration of Australian tax implications and corporate compliance requirements.
Suggested Sections

1. Parties: Identifies the single member and the company as parties to the agreement

2. Background: Sets out the context of the agreement, including the company's formation and the purpose of the operating agreement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Company Formation: Details about the company's establishment, registration, and business name

5. Purpose and Powers: Defines the company's business purpose and powers

6. Capital Contributions: Specifies initial and any subsequent capital contributions by the single member

7. Ownership and Shares: Details of share ownership and share capital structure

8. Management and Control: Outlines management structure, decision-making processes, and member's authority

9. Meetings and Resolutions: Procedures for documenting company decisions and maintaining records

10. Financial Matters: Covers financial management, distributions, and profit allocation

11. Records and Reporting: Requirements for maintaining company records and financial reporting

12. Transfer Restrictions: Provisions governing any future transfer of ownership

13. Dissolution and Winding Up: Procedures for company dissolution and asset distribution

14. General Provisions: Standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Business Plan: Detailed business objectives and strategies, recommended for companies seeking external financing

2. Intellectual Property: Provisions regarding IP ownership and protection, important for technology or creative businesses

3. Employment Matters: Rules regarding hiring employees and contractor engagement, needed if the company plans to have staff

4. Insurance: Required insurance coverage and policies, important for high-risk businesses

5. Succession Planning: Detailed provisions for business continuation in case of death or incapacity

6. Dispute Resolution: Specific procedures for resolving disputes with future stakeholders or in case of company expansion

7. Banking and Financing: Specific provisions regarding banking arrangements and future financing, important for businesses seeking loans

8. Compliance Program: Detailed compliance requirements for regulated industries

Suggested Schedules

1. Schedule 1 - Company Details: Contains formal company registration details, ACN, registered office

2. Schedule 2 - Initial Capital Contributions: Details of initial member contribution and share issuance

3. Schedule 3 - Business Plan: Optional detailed business plan and financial projections

4. Schedule 4 - Company Policies: Key internal policies and procedures

5. Schedule 5 - Authorized Signatories: List of authorized signatories and their powers

6. Appendix A - Execution Requirements: Requirements for executing company documents

7. Appendix B - Required Forms: Template forms for company administration

8. Appendix C - Compliance Checklist: Checklist of ongoing compliance requirements

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
ASIC
Business
Business Day
Capital Contribution
Company
Company Secretary
Confidential Information
Corporations Act
Director
Distribution
Financial Year
Fiscal Year
GST
Insolvency Event
Intellectual Property
Material Change
Member
Member's Interest
Officers
Operating Expenses
Permitted Transfer
Principal Place of Business
Profits and Losses
Records
Register
Registered Office
Related Party
Resolution
Share
Share Capital
Sole Member
Special Resolution
Tax
Tax Act
Term
Transfer
Voting Rights
Clauses
Formation
Purpose
Term
Capital Contribution
Share Capital
Management Rights
Decision Making
Voting Rights
Distribution of Profits
Financial Management
Record Keeping
Meetings
Company Administration
Transfer Restrictions
Share Transfer
Succession Planning
Confidentiality
Intellectual Property
Non-Competition
Dissolution
Winding Up
Asset Distribution
Compliance
Regulatory Requirements
Amendment
Dispute Resolution
Governing Law
Notices
Force Majeure
Indemnification
Insurance
Business Operations
Banking
Reporting Requirements
Tax Matters
Employment
Property Rights
Severability
Entire Agreement
Termination
Relevant Industries

Professional Services

Retail

Technology

Consulting

Real Estate

Healthcare

Construction

Manufacturing

Creative Industries

Hospitality

E-commerce

Agricultural

Financial Services

Education and Training

Relevant Teams

Legal

Finance

Compliance

Corporate Governance

Tax

Business Development

Administration

Risk Management

Operations

Relevant Roles

Business Owner

Company Director

CEO

Managing Director

Sole Proprietor

Entrepreneur

Corporate Lawyer

Legal Counsel

Company Secretary

CFO

Financial Controller

Business Advisor

Accountant

Tax Consultant

Compliance Officer

Business Development Manager

Industries
Corporations Act 2001 (Cth): Primary federal legislation governing company formation, operation, and management in Australia. Particularly relevant sections include those dealing with proprietary companies, single director/shareholder provisions, and corporate governance requirements.
Income Tax Assessment Act 1997 (Cth): Governs taxation matters for companies and individuals, including company structure implications for tax purposes and distribution of profits.
Australian Securities and Investments Commission Act 2001 (Cth): Regulates company registration and corporate compliance requirements, which must be reflected in the operating agreement.
Competition and Consumer Act 2010 (Cth): Contains provisions affecting business operations and consumer protection that may need to be addressed in the operating agreement.
State Business Names Registration Act: State-specific legislation governing business name registration and usage requirements.
Personal Property Securities Act 2009 (Cth): Relevant for provisions dealing with company assets, security interests, and related matters in the operating agreement.
State Partnership Acts: While this is for a single member company, partnership laws may be relevant for provisions regarding future expansion or collaboration.
State Fair Trading Acts: State-specific consumer protection and fair trading legislation that may affect business operations and need to be reflected in the agreement.
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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