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Professional Limited Liability Company Operating Agreement
"I need a Professional Limited Liability Company Operating Agreement for a new medical practice with four founding doctors in London, with equal ownership shares and specific provisions for adding junior doctors as members in the future, to be effective from March 2025."
1. Parties: Identification and details of all members of the LLP
2. Background: Context and purpose of establishing the professional LLP
3. Definitions: Key terms used throughout the agreement
4. Business of the LLP: Description of professional services provided and scope of business
5. Capital Contributions: Details of members' initial and ongoing capital contributions
6. Management Structure: Governance framework and decision-making processes
7. Profit and Loss Sharing: Distribution of profits and allocation of losses
8. Professional Standards: Requirements for maintaining professional qualifications and standards
1. Intellectual Property Rights: IP ownership and protection provisions (used when IP is significant to the business)
2. International Practice: Provisions for international operations (used for firms operating across jurisdictions)
3. Succession Planning: Provisions for future leadership transition (used for established firms planning long-term continuity)
1. Schedule 1 - Member Details: Complete information about all members including qualifications
2. Schedule 2 - Capital Contributions Schedule: Detailed breakdown of members' capital contributions
3. Schedule 3 - Professional Indemnity Insurance: Insurance details and coverage requirements
4. Schedule 4 - Profit Sharing Formula: Detailed calculation method for profit distribution
Authors
Affiliate
Annual Budget
Approved Bank
Articles of Organization
Business
Business Day
Business Plan
Capital Account
Capital Contribution
Chairman
Code of Conduct
Company Property
Confidential Information
Default Event
Designated Member
Distribution
Effective Date
Encumbrance
Financial Year
Founding Member
Good Standing
Governing Body
Initial Capital Contribution
Intellectual Property Rights
Junior Member
Management Board
Managing Member
Member
Membership Interest
Operating Agreement
Percentage Interest
Professional Services
Professional Standards
Profit Share
Qualified Professional
Regulatory Body
Related Party
Relevant Professional Qualification
Required Majority
Reserved Matters
Senior Member
Service Agreement
Subsidiary
Transfer
Voting Rights
Membership Rights and Obligations
Professional Standards and Qualifications
Management and Governance
Decision Making
Profit and Loss Sharing
Distributions
Voting Rights
Transfer of Membership Interests
Admission of New Members
Withdrawal and Retirement
Expulsion
Death or Incapacity
Confidentiality
Intellectual Property
Non-Competition
Non-Solicitation
Professional Indemnity Insurance
Regulatory Compliance
Financial Matters
Banking Arrangements
Records and Accounts
Tax Matters
Dispute Resolution
Amendment Procedures
Dissolution and Winding Up
Force Majeure
Notices
Severability
Entire Agreement
Assignment
Governing Law and Jurisdiction
Professional Ethics
Quality Control
Client Acceptance
Conflicts of Interest
Member Meetings
Board Meetings
Liability and Indemnification
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