LLC Operating Agreement For Single Member LLC

LLC Operating Agreement For Single Member LLC Template for Malaysia

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Key Requirements PROMPT example:

"I need an LLC Operating Agreement For Single Member LLC for my new tech consulting business in Kuala Lumpur, which will start operations in March 2025, with an initial capital of 500,000 MYR and potential plans for future expansion into software product development."

Document background

The LLC Operating Agreement For Single Member LLC, adapted to Malaysia's legal framework as a Single Member Sdn Bhd Operating Agreement, is a fundamental document required when establishing a private limited company with a sole owner in Malaysia. This document becomes necessary immediately after company registration with the Companies Commission of Malaysia (SSM) and serves as the primary governing document for the company's operations. It outlines how the business will be run, including management structure, capital contributions, profit distribution, and succession planning, while ensuring compliance with the Companies Act 2016 and other relevant Malaysian regulations. The agreement is particularly crucial for providing legal protection and operational clarity for sole proprietors who wish to operate under a corporate structure with limited liability.

Suggested Sections

1. Parties: Identifies the single member/owner and the company as parties to the agreement

2. Background: Explains the formation of the company and purpose of the operating agreement

3. Definitions: Defines key terms used throughout the agreement

4. Company Formation: Details of company registration, business name, registered office, and company objectives

5. Capital Structure: Initial capital contribution, additional capital provisions, and maintaining capital accounts

6. Management and Control: Powers and responsibilities of the single member as manager, decision-making authority

7. Business Operations: Day-to-day management, signing authority, and operational procedures

8. Financial Affairs: Accounting practices, fiscal year, banking, financial statements, and records

9. Tax Matters: Tax elections, returns, and compliance requirements

10. Distributions: Rules for profit distribution and withdrawal of funds

11. Transfer Restrictions: Procedures for transferring ownership interest and admission of new members

12. Dissolution and Liquidation: Procedures for winding up the company and asset distribution

13. General Provisions: Governing law, amendments, notices, and other standard provisions

Optional Sections

1. Succession Planning: Provisions for company continuation in case of death or incapacity of the single member

2. Employment Matters: Include if the company will have employees, covering employment policies and procedures

3. Intellectual Property: Include if the company owns or develops intellectual property

4. Confidentiality: Additional provisions for protecting company secrets and proprietary information

5. Dispute Resolution: Alternative dispute resolution procedures for conflicts with third parties

6. Insurance: Requirements for business insurance coverage

7. Environmental Compliance: Include if the business has environmental impact considerations

Suggested Schedules

1. Schedule A - Company Details: Registration details, business registration number, registered address

2. Schedule B - Initial Capital Contribution: Details of initial capital investment and asset valuation

3. Schedule C - Authorized Signatories: List of authorized signatories and their signing powers

4. Schedule D - Business Plan: Initial business plan and objectives

5. Schedule E - Asset Register: List of company assets and their current value

6. Appendix 1 - Sample Forms: Standard forms for company operations and compliance

7. Appendix 2 - Corporate Policies: Key company policies and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Clauses

Relevant Industries

Retail

Professional Services

Technology

Manufacturing

Construction

Food and Beverage

Healthcare

Education

Real Estate

Consulting

E-commerce

Agriculture

Tourism

Relevant Teams

Legal

Finance

Compliance

Operations

Administration

Corporate Secretarial

Risk Management

Executive Leadership

Relevant Roles

Business Owner

Entrepreneur

CEO

Managing Director

Company Secretary

Legal Counsel

Corporate Lawyer

Business Advisor

Tax Consultant

Accountant

Chief Financial Officer

Compliance Officer

Business Development Manager

Operations Director

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