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Simple Operating Agreement

Simple Operating Agreement Template for Australia

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Key Requirements PROMPT example:

Simple Operating Agreement

"I need a Simple Operating Agreement for my new tech startup launching in March 2025, with three founding members who will have equal ownership shares and voting rights, including specific provisions for intellectual property protection and future capital raising."

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Document background
The Simple Operating Agreement serves as a crucial governing document for businesses operating in Australia, providing a clear framework for business operations and management. This agreement is particularly valuable for small to medium-sized enterprises seeking to establish their operational structure while ensuring compliance with Australian corporate law. The document typically includes provisions for management structure, capital contributions, profit distribution, decision-making processes, and member rights and obligations. It is designed to be both comprehensive and flexible, allowing businesses to adapt it to their specific needs while maintaining compliance with relevant legislation, including the Corporations Act 2001 and other applicable federal and state laws. The Simple Operating Agreement is essential for businesses seeking to formalize their operations and prevent potential disputes by clearly defining roles, responsibilities, and procedures.
Suggested Sections

1. Parties: Identifies and provides full details of all parties to the agreement

2. Background: Sets out the context and purpose of the agreement, including brief description of the business

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Business Structure and Purpose: Outlines the nature of the business and its primary objectives

5. Members' Rights and Obligations: Details the fundamental rights and responsibilities of all members

6. Management and Decision Making: Establishes management structure and decision-making processes

7. Financial Matters: Covers capital contributions, profit distribution, and basic financial management

8. Meetings and Voting: Sets out procedures for member meetings and voting requirements

9. Transfer of Interests: Basic rules for transferring ownership interests

10. Dissolution and Termination: Procedures for winding up the business or terminating the agreement

11. Dispute Resolution: Basic process for resolving disputes between members

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

Optional Sections

1. Intellectual Property Rights: Include when the business owns or develops significant IP assets

2. Confidentiality: Add when there is sensitive business information to protect

3. Non-Competition and Non-Solicitation: Include for businesses where member competition is a concern

4. Insurance Requirements: Add for businesses with specific insurance needs or high-risk activities

5. Employee Management: Include when the business has or plans to have employees

6. Additional Capital Contributions: Add for businesses anticipating future capital needs

7. Tax Matters: Include detailed tax provisions for complex business structures

8. Banking and Financial Controls: Add for businesses requiring specific financial management procedures

9. Exit Strategy: Include detailed exit provisions for businesses with multiple members

10. Business Succession: Add when planning for future leadership transition

Suggested Schedules

1. Schedule 1 - Member Details: Complete member information including contact details and ownership percentages

2. Schedule 2 - Initial Capital Contributions: Details of each member's initial investment or contribution

3. Schedule 3 - Business Assets: List of key business assets owned or leased by the business

4. Schedule 4 - Approved Business Plan: Initial or current business plan and objectives

5. Schedule 5 - Authorized Signatories: List of members authorized to sign various documents

6. Appendix A - Meeting Procedures: Detailed procedures for conducting meetings and maintaining records

7. Appendix B - Calculation of Distributions: Formula and methods for calculating profit distributions

8. Appendix C - Transfer Procedures: Detailed procedures for transferring membership interests

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Professional Services

Retail

Technology

Manufacturing

Hospitality

Construction

Healthcare

Real Estate

Consulting

E-commerce

Agriculture

Education

Financial Services

Creative Industries

Transport and Logistics

Relevant Teams

Legal

Executive

Operations

Finance

Compliance

Risk Management

Corporate Affairs

Business Development

Administration

Company Secretariat

Relevant Roles

CEO

Managing Director

Business Owner

Company Director

General Manager

Operations Manager

Legal Counsel

Corporate Lawyer

Business Development Manager

Finance Manager

Company Secretary

Compliance Officer

Risk Manager

Small Business Owner

Entrepreneur

Partnership Manager

Executive 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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