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Manager Managed LLC Operating Agreement

Manager Managed LLC Operating Agreement Template for South Africa

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Key Requirements PROMPT example:

Manager Managed LLC Operating Agreement

"I need a Manager Managed LLC Operating Agreement for a tech startup in Cape Town, with provisions for multiple funding rounds and share classes, to be effective from March 2025, including specific clauses for intellectual property protection and employee share schemes."

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Document background
The Manager Managed LLC Operating Agreement, adapted for South African legal requirements, is essential for private companies (Pty Ltd) seeking to implement a professional management structure separate from ownership. This document is typically used when establishing a new company or converting an existing one to a manager-managed structure, particularly when founders want to delegate day-to-day operations to professional managers while maintaining strategic oversight as members. The agreement comprehensively addresses company formation, capital structure, management appointments, operational procedures, and member rights under South African law, particularly the Companies Act of 2008. It's crucial for businesses requiring clear separation between ownership and management, professional governance structures, and defined operational frameworks.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including the company, managers, and members

2. Background: Sets out the context and purpose of the agreement and the company's formation

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

4. Formation and Name: Details of company registration, name, and registered office

5. Purpose and Powers: The company's business purpose and scope of permitted activities

6. Capital Contributions: Details of initial and subsequent capital contributions by members

7. Membership Interests: Description of membership classes, rights, and ownership percentages

8. Management Structure: Detailed provisions regarding manager appointment, removal, and powers

9. Managers' Duties and Responsibilities: Specific duties, authority limits, and responsibilities of managers

10. Members' Rights and Obligations: Rights and obligations of members, including voting rights and limitations

11. Meetings and Resolutions: Procedures for manager and member meetings, voting, and decision-making

12. Financial Affairs: Financial management, accounting requirements, and distribution policies

13. Transfer of Interests: Rules governing the transfer of membership interests and restrictions

14. Termination and Dissolution: Circumstances and procedures for company dissolution and winding up

15. General Provisions: Standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Pre-emptive Rights: Detailed procedures for members' rights to purchase interests before external sale - include when members want additional transfer restrictions

2. Dispute Resolution: Specific procedures for resolving disputes - include when parties prefer detailed alternative dispute resolution mechanisms

3. Intellectual Property: Provisions regarding IP ownership and usage - include when company has significant IP assets

4. Confidentiality: Detailed confidentiality obligations - include when business involves sensitive information

5. Non-Competition: Restrictions on competitive activities - include when protecting against competition is crucial

6. Tag-Along and Drag-Along Rights: Rights for minority protection and majority exit - include for companies planning future sales/exits

7. Employee Matters: Provisions regarding employee management - include when company has significant workforce

Suggested Schedules

1. Schedule 1: Member Details: List of members with their respective ownership percentages and capital contributions

2. Schedule 2: Manager Details: List of appointed managers with their details and specific authorities

3. Schedule 3: Initial Capital Contributions: Detailed breakdown of initial capital contributions including valuations of non-cash contributions

4. Schedule 4: Reserved Matters: List of decisions requiring special approval processes or thresholds

5. Schedule 5: Company Assets: Inventory of company's initial assets and their agreed values

6. Appendix A: Management Policies: Detailed operational policies and procedures for management

7. Appendix B: Financial Procedures: Detailed procedures for financial management and reporting

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







































Clauses








































Relevant Industries

Professional Services

Manufacturing

Technology

Retail

Real Estate

Financial Services

Construction

Healthcare

Hospitality

Agriculture

Mining

Transportation

Education

Energy

Telecommunications

Relevant Teams

Legal

Corporate Governance

Executive Management

Board of Directors

Company Secretariat

Compliance

Finance

Risk Management

Corporate Affairs

Operations

Administrative

Relevant Roles

Chief Executive Officer

Managing Director

Company Secretary

Legal Counsel

Corporate Lawyer

Business Development Manager

Operations Manager

Finance Director

Board Member

Company Director

Compliance Officer

Risk Manager

General Counsel

Chief Financial Officer

Chief Operating Officer

Corporate Governance Officer

Member/Shareholder

Executive Director

Non-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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