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Multi Member Operating Agreement

Multi Member Operating Agreement Template for Singapore

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Key Requirements PROMPT example:

Multi Member Operating Agreement

"Need a Multi Member Operating Agreement for a Singapore-based tech startup with 4 founding members, where two members will be actively managing the company while the other two are passive investors, with initial capital contributions totaling SGD 500,000 to be made by March 2025."

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What is a Multi Member Operating Agreement?

The Multi Member Operating Agreement is essential for businesses establishing a limited liability company with multiple owners in Singapore. It provides the legal framework for company governance, outlines capital contributions and profit-sharing arrangements, and establishes procedures for decision-making and dispute resolution. This document is crucial for protecting members' interests and ensuring compliance with Singapore's corporate laws. It should be prepared at the company's formation and updated as membership or operational requirements change.

What sections should be included in a Multi Member Operating Agreement?

1. Parties: Identification and details of all members of the LLC

2. Background: Context and purpose of forming the LLC

3. Definitions: Key terms used tHRoughout the agreement

4. Company Formation: Details of company structure and initial capitalization

5. Capital Contributions: Initial and ongoing capital requirements

6. Membership Interests: Allocation of ownership and voting rights

7. Management Structure: Governance and decision-making processes

8. Distributions: Profit sharing and distribution policies

9. Transfer of Interests: Rules for transferring ownership interests

10. Dissolution: Process for winding up the company

What sections are optional to include in a Multi Member Operating Agreement?

1. Non-Compete Provisions: Restrictions on competitive activities by members to protect business interests

2. Intellectual Property Rights: Provisions governing IP ownership and usage rights when company owns or develops IP

3. Tag-Along Rights: Minority member protection mechanisms in sale scenarios

4. Drag-Along Rights: Majority member rights in sale scenarios to facilitate potential future sales

What schedules should be included in a Multi Member Operating Agreement?

1. Schedule A - Initial Capital Contributions: Detailed breakdown of members' initial investments

2. Schedule B - Membership Interests: Detailed allocation of ownership percentages

3. Schedule C - Company Property: List of company assets and property

4. Appendix 1 - Management Structure Chart: Visual representation of governance structure

5. Appendix 2 - Voting Procedures: Detailed voting processes and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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










































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Industries

Limited Liability Partnerships Act 2005: Primary legislation governing the formation, registration and regulation of limited liability partnerships in Singapore

Companies Act (Cap. 50): Core legislation governing company operations, corporate structure, and business conduct in Singapore

Business Names Registration Act 2014: Legislation governing the registration and regulation of business names in Singapore

Partnership Act (Cap. 391): Legislation defining the rights and duties of partners in business partnerships

ACRA Requirements: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for business compliance

Income Tax Act: Legislation governing the taxation of business income and related matters

Goods and Services Tax Act: Legislation governing the implementation and collection of GST for applicable businesses

Employment Act: Primary legislation governing employment relationships and worker rights

Companies (Amendment) Act 2014: Updates to corporate governance requirements and company regulations

Corporate Governance Code: Guidelines and principles for corporate governance best practices in Singapore

Arbitration Act: Framework for conducting arbitration proceedings in dispute resolution

Mediation Act 2017: Legislative framework for mediation proceedings and enforcement of mediation settlements

Patents Act: Legislation governing the protection and registration of patents

Trade Marks Act: Legislation governing the protection and registration of trademarks

Copyright Act: Legislation protecting original works and creative content

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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