The Operating Agreement For Member Managed Limited Liability Company is essential when establishing an LLC in Singapore where members directly manage the company's operations. This document is crucial for businesses seeking to clearly define their organizational structure, management responsibilities, and operational procedures while maintaining compliance with Singapore's corporate laws. It includes detailed provisions for capital contributions, profit sharing, decision-making processes, and member rights, serving as the primary reference for resolving internal disputes and guiding company operations.
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1. Parties: Identification of all LLC members and their details
2. Background: Context and purpose of forming the LLC
3. Definitions: Key terms used tHRoughout the agreement
4. Formation: Details of LLC formation and registration
5. Capital Contributions: Initial and subsequent capital contribution requirements
6. Membership Interests: Allocation of ownership percentages
7. Management Structure: Decision-making processes and voting rights
8. Profit and Loss Distribution: Method of distributing profits and losses
9. Meetings and Voting: Procedures for member meetings and voting
10. Transfer Restrictions: Rules regarding transfer of membership interests
11. Dissolution: Process for company dissolution
1. Non-Compete Provisions: Restrictions on competitive activities by members when there are competing business interests
2. Intellectual Property Rights: IP ownership and usage rights for cases where LLC will develop or use significant intellectual property
3. International Operations: Rules for international business activities when LLC operates across borders
4. Employee Management: Rules for hiring and managing employees when LLC plans to have employees
1. Schedule A - Initial Capital Contributions: Detailed breakdown of members' initial contributions
2. Schedule B - Membership Interests: Detailed allocation of ownership percentages
3. Schedule C - Business Plan: Initial business plan and projections
4. Appendix 1 - Voting Procedures: Detailed voting mechanisms and requirements
5. Appendix 2 - Member Contact Information: Contact details for all members
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