The Multi Member LLC Operating Agreement is a foundational document required when establishing a Limited Liability Company with multiple shareholders in the United Arab Emirates. This agreement is essential for businesses operating under UAE Federal Decree-Law No. 32 of 2021 and must be prepared before company registration with the Department of Economic Development. It details the rights, responsibilities, and relationships between members, outlines management and operational procedures, and establishes protocols for business decisions and dispute resolution. The document is particularly crucial as it provides legal protection for all members while ensuring compliance with UAE corporate regulations and local business practices.
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1. Parties: Identification of all founding members of the LLC with their full legal names, addresses, and nationality
2. Background: Context of the LLC formation, business purpose, and intent of the parties
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Formation and Name: Details of company formation, trade name, and registered office
5. Purpose and Powers: Company's business objectives and authorized activities as per UAE law
6. Capital Structure: Details of share capital, allocation among members, and capital contribution requirements
7. Members' Rights and Obligations: Fundamental rights and duties of members, including voting rights and profit sharing
8. Management Structure: Governance framework, manager appointments, and decision-making processes
9. General Assembly Meetings: Procedures for conducting meetings, voting mechanisms, and quorum requirements
10. Financial Matters: Financial management, accounting practices, and distribution of profits/losses
11. Transfer of Shares: Procedures and restrictions for share transfers as per UAE law
12. Term and Termination: Duration of the LLC and conditions for dissolution
13. Confidentiality: Protection of company and member confidential information
14. Governing Law and Jurisdiction: Confirmation of UAE law application and dispute resolution mechanisms
1. Pre-emptive Rights: Used when members want specific rights to purchase shares before they can be sold to third parties
2. Tag-Along Rights: Include when protecting minority shareholders in case of majority share sales
3. Drag-Along Rights: Include when majority shareholders want the right to force minority shareholders to join in the sale of the company
4. Non-Competition: Include when restricting members from competing with the LLC's business
5. Intellectual Property Rights: Include when the LLC owns or develops significant IP
6. Related Party Transactions: Include when there are existing business relationships between members or their other ventures
7. Emergency Funding Provisions: Include when anticipating potential need for additional capital contributions
8. Deadlock Resolution: Include when equal ownership or voting rights might lead to decision-making deadlocks
1. Schedule 1 - Member Information: Detailed information about members including contact details and share allocation
2. Schedule 2 - Initial Capital Contributions: Specifics of each member's initial capital contribution, including nature and value
3. Schedule 3 - Business Plan: Initial business plan and strategic objectives of the LLC
4. Schedule 4 - Manager Authorities: Detailed list of manager powers and limitations
5. Schedule 5 - Reserved Matters: List of decisions requiring special majority or unanimous approval
6. Appendix A - Form of Share Transfer Notice: Template for notifying intent to transfer shares
7. Appendix B - Adherence Agreement: Template for new members joining the LLC
8. Appendix C - Initial Resolutions: First resolutions passed by members establishing key operational matters
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