The Operating Agreement For Corporation is a crucial document required for establishing and operating a corporation in the United Arab Emirates. It serves as the primary governance document that defines the relationship between shareholders, management structure, and operational procedures in accordance with UAE Federal Law No. 32 of 2021 and related regulations. This agreement is typically prepared during company formation or when updating governance structures, containing detailed provisions for share capital, management appointments, voting rights, profit distribution, and dispute resolution. It must align with UAE corporate law requirements while accommodating specific business needs and ensuring proper corporate governance.
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1. Parties: Identification of all shareholders/members and the corporation itself
2. Background: Context of the agreement formation and company establishment
3. Definitions: Key terms used throughout the agreement
4. Formation and Name: Details of company formation, trade name, and registration
5. Purpose and Powers: Company's business objectives and permitted activities
6. Principal Place of Business: Registered office and branch locations
7. Term and Dissolution: Duration of the company and dissolution procedures
8. Capital Structure: Share capital, classes of shares, and contribution requirements
9. Management Structure: Board composition, appointment process, and management roles
10. Shareholders Meetings: Procedures for general assemblies and voting rights
11. Board Meetings: Procedures for board meetings and decision-making
12. Officers and Duties: Roles and responsibilities of corporate officers
13. Financial Affairs: Accounting, auditing, and financial management procedures
14. Transfer of Shares: Share transfer restrictions and procedures
15. Exit Provisions: Procedures for member exit, including buy-sell provisions
16. Confidentiality: Protection of company confidential information
17. Dispute Resolution: Procedures for resolving internal disputes
18. Governing Law: Application of UAE law and jurisdiction
1. Preemptive Rights: Used when shareholders should have first right to purchase new shares
2. Tag-Along Rights: Include when minority shareholders need protection in sale scenarios
3. Drag-Along Rights: Include when majority shareholders need power to force sale participation
4. Islamic Finance Compliance: Include for Sharia-compliant businesses
5. Intellectual Property: Include when company has significant IP assets
6. Non-Competition: Include when shareholders should be restricted from competing
7. Emergency Procedures: Include for critical business operations requiring contingency plans
8. Branch Operations: Include when company operates multiple branches
9. Foreign Ownership Provisions: Include when foreign investors are involved
1. Schedule 1 - Share Capital Details: Detailed breakdown of share capital and shareholder contributions
2. Schedule 2 - Shareholder Information: Complete details of all shareholders including contact information
3. Schedule 3 - Board Members: List of initial board members and their details
4. Schedule 4 - Business Plan: Initial business plan and objectives
5. Schedule 5 - Reserved Matters: List of decisions requiring special approval
6. Schedule 6 - Company Policies: Key operational and governance policies
7. Appendix A - Corporate Structure Chart: Visual representation of corporate structure
8. Appendix B - Initial Assets: List of company's initial assets and valuations
9. Appendix C - Specimen Signatures: Authorized signatures for company operations
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