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.
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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
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
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
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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