The Member Managed Operating Agreement serves as the foundational document for Limited Liability Companies in the UAE where members directly participate in company management. This document is essential when establishing a new LLC or restructuring an existing one, particularly under UAE Federal Law No. 32 of 2021. It details crucial aspects such as capital structure, management rights, profit distribution, and member obligations. The agreement is specifically designed to comply with UAE commercial regulations while providing the flexibility needed for effective business operations. It's particularly relevant for small to medium-sized enterprises where owners want direct involvement in day-to-day management decisions.
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1. Parties: Identification of all founding members and the LLC entity being formed
2. Background: Context of the agreement and purpose of the LLC formation
3. Definitions: Key terms used throughout the agreement
4. Formation and Name: Details of company formation, name, and registered office
5. Purpose and Powers: Company's business purpose and scope of authorized activities
6. Members and Capital Contributions: Initial capital contributions, ownership percentages, and member information
7. Management Structure: Management rights, voting procedures, and decision-making processes
8. Meetings and Voting: Procedures for member meetings, voting rights, and quorum requirements
9. Financial Affairs: Banking, accounting, tax matters, and distribution of profits
10. Transfer of Interests: Rules regarding transfer of membership interests and restrictions
11. Withdrawal and Admission: Procedures for member withdrawal and admission of new members
12. Dissolution and Liquidation: Process for company dissolution and asset distribution
13. General Provisions: Miscellaneous legal provisions including governing law, notices, and amendments
1. Intellectual Property Rights: Required when the company will develop or manage significant IP assets
2. Non-Competition and Confidentiality: Added when specific restrictions on member business activities are needed
3. Islamic Finance Compliance: Required when the business needs to operate under Sharia principles
4. Free Zone Provisions: Required when the company is established in a UAE Free Zone
5. Branch Operations: Added when the company plans to operate branches
6. Specialized Industry Provisions: Required for regulated industries like healthcare or education
1. Schedule 1 - Member Information: Detailed information about members including contact details and ownership percentages
2. Schedule 2 - Initial Capital Contributions: Itemized list of initial capital contributions including valuations
3. Schedule 3 - Business Plan: Initial business plan and operational strategy
4. Schedule 4 - Company Policies: Key operational policies and procedures
5. Appendix A - Specimen Signatures: Authenticated signatures of all members
6. Appendix B - Trade License: Copy of trade license and registration documents
7. Appendix C - Powers of Attorney: If applicable, powers of attorney for member representatives
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