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Multi Member Operating Agreement

Multi Member Operating Agreement Template for Malaysia

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Key Requirements PROMPT example:

Multi Member Operating Agreement

"I need a Multi Member Operating Agreement for a technology startup with five founding members to be established in Kuala Lumpur in January 2025, with specific provisions for intellectual property protection and future investor admission."

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Document background
The Multi Member Operating Agreement is essential for any company in Malaysia with multiple owners or shareholders. It serves as the foundational document that governs the internal operations and management of the company, ensuring compliance with Malaysian corporate law, particularly the Companies Act 2016. This agreement is typically implemented during company formation or when transitioning from a single-member to a multi-member structure. It covers crucial aspects such as capital contributions, profit sharing, management rights, transfer restrictions, and dispute resolution mechanisms. The document provides legal protection for all members while establishing clear procedures for company operations, decision-making, and member exits. It's particularly important in the Malaysian context where business relationships often involve diverse stakeholders and require clear governance structures to ensure smooth operations and compliance with local regulations.
Suggested Sections

1. Parties: Identifies all members of the company with their full legal names and addresses

2. Background: Explains the purpose of forming the company and the intention of the parties to be bound by this agreement

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Company Formation: Details of the company's establishment, registration, and business objectives

5. Capital Contributions: Specifies initial and additional capital contributions, valuation of non-cash contributions

6. Membership Interests: Details the allocation of ownership interests, voting rights, and economic rights

7. Management Structure: Outlines the management framework, roles, and decision-making processes

8. Meetings and Voting: Procedures for member meetings, voting requirements, and quorum rules

9. Distributions: Rules for profit distribution, dividend policies, and capital returns

10. Transfer of Interests: Procedures and restrictions for transferring membership interests

11. Exit Provisions: Mechanisms for member withdrawal, buyout procedures, and company dissolution

12. Confidentiality: Obligations regarding company and member confidential information

13. Dispute Resolution: Procedures for resolving conflicts between members

14. General Provisions: Standard clauses including governing law, amendments, and notices

Optional Sections

1. Intellectual Property: Provisions for IP ownership and licensing when the company develops or uses significant IP

2. Employment of Members: Terms for members working in the business, needed when members take active operational roles

3. Non-Compete and Non-Solicitation: Restrictions on competitive activities, used when protecting market position is crucial

4. International Operations: Provisions for foreign operations when the company operates across borders

5. Special Purpose Vehicles: Provisions for establishing and managing subsidiaries or SPVs

6. Islamic Finance Compliance: Special provisions for Shariah-compliant business operations if required

7. Environmental Compliance: Special provisions for environmentally sensitive businesses

8. Technology Operations: Specific provisions for technology-based businesses including data protection

Suggested Schedules

1. Schedule 1 - Member Details: Detailed information about members including contact details and initial capital contributions

2. Schedule 2 - Share Capital Structure: Detailed breakdown of share classes, rights, and ownership percentages

3. Schedule 3 - Business Plan: Initial business plan and strategic objectives

4. Schedule 4 - Management Procedures: Detailed procedures for day-to-day management and decision-making

5. Schedule 5 - Restricted Matters: List of decisions requiring special approval

6. Schedule 6 - Valuation Methods: Agreed methods for valuing the company and membership interests

7. Appendix A - Initial Assets: List and description of assets initially contributed to the company

8. Appendix B - Form of Deed of Adherence: Template for new members joining the company

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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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Relevant Industries

Technology

Manufacturing

Professional Services

Retail

Real Estate

Financial Services

Healthcare

Education

Construction

Agriculture

Food and Beverage

Hospitality

E-commerce

Logistics

Consulting

Relevant Teams

Legal

Corporate Secretariat

Board of Directors

Executive Leadership

Compliance

Finance

Corporate Governance

Risk Management

Operations

Business Development

Relevant Roles

CEO

Managing Director

Company Secretary

Legal Counsel

Corporate Lawyer

CFO

Board Member

Shareholder

Compliance Officer

Business Development Director

Operations Manager

Investment Manager

Corporate Governance Officer

Risk Manager

Company Director

Industries








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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