Multi Member Managed LLC Operating Agreement Template for England and Wales

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Key Requirements PROMPT example:

Multi Member Managed LLC Operating Agreement

"I need a Multi Member Managed LLC Operating Agreement for our new technology consulting business with three equal partners, incorporating specific provisions for intellectual property protection and a detailed process for bringing in additional members in the future."

Document background

The Multi Member Managed LLC Operating Agreement needs to be adapted for use in England and Wales, where Limited Liability Companies (LLCs) are not recognized legal entities. This document is essential when two or more parties wish to establish a formal business structure with limited liability protection. It sets out the framework for business operations, ownership rights, management responsibilities, and financial arrangements. The agreement should be structured either as an LLP Agreement or a Private Limited Company Agreement to comply with English and Welsh law, incorporating all necessary provisions for effective governance and protection of members' interests.

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 objectives of the business

5. Capital Contributions: Initial and ongoing financial commitments

6. Profit and Loss Sharing: Distribution of profits and allocation of losses

7. Management Structure: Decision-making processes and authority levels

8. Voting Rights: Voting procedures and thresholds

9. Transfer of Interests: Rules for transferring ownership stakes

10. Dissolution: Process for winding up the business

Optional Sections

1. Non-Compete Provisions: Restrictions on competitive activities - used when protecting business interests from member competition

2. Intellectual Property Rights: Ownership and protection of IP - used when IP is significant to the business

3. Dispute Resolution: Alternative dispute resolution procedures - used when specific dispute mechanisms are desired

4. Tag-Along Rights: Rights to join in sale of interests - used when protecting minority interests

Suggested Schedules

1. Schedule of Members: Detailed list of members and their contributions

2. Business Plan: Initial business plan and projections

3. Asset Register: List of company assets and their ownership

4. Delegated Authority Matrix: Detailed breakdown of decision-making powers

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Professional Services
Technology
Real Estate
Retail
Manufacturing

Relevant Teams

Legal
Finance
Operations
Corporate Governance
Business Development

Relevant Roles

Managing Director
Chief Executive Officer
Company Director
Chief Financial Officer
General Counsel

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Multi Member Managed LLC Operating Agreement

Authors

Alex Denne

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