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LLC Membership Admission Agreement
"I need an LLC Membership Admission Agreement to admit a new technology investor who will contribute £500,000 in capital and receive a 25% membership interest, with specific provisions for board representation and veto rights on major decisions."
1. Parties: Identification of the existing members and the new member joining the LLC
2. Background: Context of the admission and current status of the LLC/partnership
3. Definitions: Key terms used throughout the agreement including Member, LLC, Operating Agreement, etc.
4. Admission of New Member: Terms and conditions of admission including effective date and acceptance of operating agreement
5. Capital Contribution: Details of initial capital contribution by new member and resulting ownership percentage
6. Membership Rights: Voting rights, profit sharing, distribution rights and other member privileges
7. Obligations and Duties: Responsibilities and obligations of the new member including fiduciary duties
8. Governing Law: Specification of English and Welsh law as governing law and jurisdiction
1. Non-Compete Provisions: Restrictions on competitive activities and protection of business interests
2. Management Rights: Specific management responsibilities and authority if new member will have management role
3. Buy-Sell Provisions: Terms and conditions for future sale or transfer of membership interest
4. Employment Terms: Employment relationship details if member will also be an employee
1. Schedule 1: Capital Contribution Details: Detailed breakdown of initial capital contribution including valuation method
2. Schedule 2: Existing Operating Agreement: Copy of current LLC operating agreement being accepted by new member
3. Schedule 3: Member Details: Contact information and other relevant details of all members
4. Appendix A: Consent Forms: Required regulatory consents and existing member approval documentation
Authors
Articles of Organization
Business Day
Capital Account
Capital Contribution
Company
Confidential Information
Effective Date
Existing Members
Initial Capital Contribution
Law
LLC
Managing Member
Member
Membership Interest
New Member
Operating Agreement
Percentage Interest
Profits and Losses
Regulatory Requirements
Transfer
Unit
Voting Rights
Working Day
Intellectual Property Rights
Material Breach
Board
Business
Encumbrance
Fair Market Value
Financial Year
Insolvency Event
Related Party
Territory
Permitted Transferee
Capital Contribution
Voting Rights
Profit and Loss Allocation
Management Rights
Transfer Restrictions
Confidentiality
Non-Competition
Non-Solicitation
Member Obligations
Representations and Warranties
Indemnification
Termination
Withdrawal Rights
Buy-Sell Provisions
Tag-Along Rights
Drag-Along Rights
Distribution Rights
Meeting Participation
Information Rights
Amendment Procedures
Dispute Resolution
Governing Law
Notices
Assignment
Entire Agreement
Severability
Force Majeure
Further Assurance
Waiver
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