A Single Member Managed LLC Operating Agreement is a fundamental document used when establishing a single-owner business entity in Malaysia. While Malaysia doesn't have a specific LLC structure, this agreement is adapted to function within the Malaysian legal framework using the private limited company (Sdn Bhd) structure. The document is essential for entrepreneurs and business owners who wish to operate a solely-owned business while maintaining limited liability protection. It outlines the company's governance structure, operational procedures, capital contributions, profit distribution mechanisms, and compliance requirements under Malaysian law, particularly the Companies Act 2016. This agreement serves as both a governance document and a roadmap for business operations, providing clarity on decision-making processes and protecting the owner's interests while ensuring compliance with Malaysian regulatory requirements.
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1. Parties: Identifies the single member and the LLC entity as parties to the agreement
2. Background: Sets forth the context of the agreement, including the formation of the LLC and its purpose
3. Definitions: Defines key terms used throughout the agreement
4. Formation and Name: Details of company formation, registered name, and registration number
5. Business Purpose: Describes the nature and scope of the LLC's business activities
6. Principal Place of Business: Specifies the company's registered address and principal place of business
7. Term: Duration of the LLC's existence (typically perpetual unless specified otherwise)
8. Capital Contributions: Details of initial and any additional capital contributions by the member
9. Membership Interest: Establishes the member's 100% ownership interest in the LLC
10. Management Structure: Outlines the member-managed structure and decision-making authority
11. Distributions: Procedures for distributing profits and losses
12. Tax Matters: Tax treatment and compliance requirements
13. Books and Records: Requirements for maintaining company records and financial statements
14. Dissolution and Winding Up: Procedures for dissolving the LLC and distributing assets
15. Governing Law: Specifies Malaysian law as the governing law
16. Execution: Signature blocks and execution requirements
1. Succession Planning: Procedures for transfer of ownership upon death or incapacity of the single member
2. Additional Members: Procedures for admitting additional members in the future
3. Intellectual Property Rights: Provisions regarding ownership and protection of IP if relevant to the business
4. Confidentiality: Provisions for protecting company confidential information
5. Employment Matters: Provisions regarding the member's employment in the business
6. Digital Signatures: Provisions allowing for electronic execution if desired
7. Foreign Investment: Additional provisions if the member is a foreign investor
8. Dispute Resolution: Alternative dispute resolution procedures for conflicts with third parties
1. Schedule 1: Details of Initial Capital Contribution: Detailed list of cash, property, or services contributed as initial capital
2. Schedule 2: Company Information: Registration details, company number, and registered address
3. Schedule 3: Business Plan: Initial business plan and objectives
4. Schedule 4: Asset Register: List of company assets at formation
5. Appendix A: Form of Resolutions: Template for member resolutions
6. Appendix B: Banking Arrangements: Details of company bank accounts and authorized signatories
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