The Limited Liability Company Agreement is a crucial document required when establishing or restructuring a company in India. It serves as the primary governing document that defines the relationship between shareholders, management structure, and operational framework of the organization. Used during company formation or when updating existing company structures, this agreement must comply with the Companies Act, 2013, and other relevant Indian legislation. It covers essential aspects such as capital structure, voting rights, transfer restrictions, and management provisions, while also addressing modern business needs such as digital operations and international investment considerations. The document is particularly important for startups, growing businesses, and companies seeking investment, as it provides legal certainty and clarity in operations while protecting stakeholder interests under Indian jurisdiction.
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1. Parties: Identification of all members/shareholders forming the LLC
2. Background: Context of the LLC formation and purpose of the agreement
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and rules of interpretation
4. Formation and Name: Details of company formation, registered name, and business commencement
5. Registered Office: Address of the registered office and procedures for changing it
6. Business Purpose: Detailed description of the company's business activities and objectives
7. Capital Structure: Details of authorized share capital, initial contributions, and classes of shares
8. Members Rights and Obligations: Rights, responsibilities, and obligations of all members
9. Transfer of Shares: Procedures and restrictions for transferring ownership interests
10. Board of Directors: Composition, appointment, removal, and powers of the board
11. Meetings: Procedures for board and shareholder meetings
12. Reserved Matters: Decisions requiring special approval or unanimous consent
13. Financial Matters: Financial year, accounts, audits, and distribution policies
14. Confidentiality: Protection of company and member confidential information
15. Term and Termination: Duration of agreement and termination procedures
16. Dispute Resolution: Procedures for resolving disputes between members
17. General Provisions: Miscellaneous legal provisions including notices, amendments, and governing law
1. Foreign Investment Provisions: Required when there are foreign investors, detailing compliance with FEMA and foreign investment regulations
2. Tag-Along and Drag-Along Rights: Optional provisions for share transfer rights in case of significant ownership changes
3. Anti-Dilution Protection: Protection mechanisms for existing shareholders in case of new share issuance
4. Non-Compete and Non-Solicitation: Restrictions on competitive activities and employee solicitation
5. Intellectual Property Rights: Required when the company owns or develops significant IP
6. Employee Stock Option Pool: Required when the company plans to offer employee stock options
7. Exit Mechanisms: Detailed procedures for IPO, strategic sale, or other exit options
8. Digital Operations: Required for companies operating primarily in digital space, covering IT compliance
1. Schedule 1 - Details of Members: Complete information about initial members including shareholding
2. Schedule 2 - Initial Capital Contributions: Detailed breakdown of initial capital contributions by each member
3. Schedule 3 - Business Plan: Initial business plan and projections
4. Schedule 4 - Board Composition: Initial board structure and nominated directors
5. Schedule 5 - Reserved Matters List: Comprehensive list of matters requiring special approval
6. Schedule 6 - Share Valuation Methodology: Agreed methods for valuing shares in various scenarios
7. Appendix A - Articles of Association: Copy of the company's Articles of Association
8. Appendix B - Compliance Checklist: List of regulatory compliance requirements
Relevant legal definitions
Clauses
Relevant Industries
Technology and Software
Manufacturing
Professional Services
Retail and E-commerce
Healthcare
Financial Services
Real Estate
Education
Consulting
Media and Entertainment
Agriculture
Infrastructure
Logistics and Transportation
Renewable Energy
Telecommunications
Relevant Teams
Legal
Corporate Affairs
Compliance
Finance
Corporate Governance
Board Secretariat
Risk Management
Investor Relations
Business Development
Executive Leadership
Corporate Communications
Administrative
Relevant Roles
Chief Executive Officer
Company Secretary
Chief Financial Officer
Legal Counsel
Corporate Lawyer
Compliance Officer
Board Director
Managing Director
Chief Operating Officer
Investment Manager
Business Development Director
Startup Founder
Corporate Governance Officer
Risk Manager
Company Registrar
General Counsel
Shareholder Relations Manager
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