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Member Managed Operating Agreement

Member Managed Operating Agreement Template for South Africa

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Key Requirements PROMPT example:

Member Managed Operating Agreement

"I need a Member Managed Operating Agreement for a tech startup with three founding members launching in March 2025, with specific provisions for intellectual property protection and future investment rounds."

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Document background
The Member Managed Operating Agreement is a crucial document for businesses operating in South Africa where members wish to maintain direct control over day-to-day operations. This agreement is particularly suitable for small to medium-sized enterprises where owners want to be actively involved in management decisions. It establishes the foundation for business operations while ensuring compliance with South African company law, including the Companies Act 71 of 2008. The document covers essential aspects such as capital contributions, profit sharing, decision-making processes, and member responsibilities, while providing flexibility to accommodate business growth and changes in membership structure. It's designed to prevent potential disputes by clearly defining roles, responsibilities, and procedures for various business scenarios.
Suggested Sections

1. Parties: Identifies and provides details of all founding members entering into the agreement

2. Background: Sets out the context and purpose for establishing the business entity

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

4. Formation and Name: Details of business registration, trade name, and registered address

5. Purpose and Powers: Describes the business purpose and scope of activities

6. Members and Capital Contributions: Details of initial members, their capital contributions, and ownership percentages

7. Management and Voting Rights: Procedures for decision-making, voting requirements, and management responsibilities

8. Meetings and Resolutions: Procedures for member meetings, notice requirements, and passing resolutions

9. Financial Affairs: Accounting procedures, financial year-end, banking arrangements, and distribution of profits

10. Transfer of Membership Interests: Rules governing the sale, transfer, or encumbrance of membership interests

11. Withdrawal and Expulsion of Members: Procedures for voluntary withdrawal and involuntary expulsion of members

12. Dissolution and Winding Up: Circumstances and procedures for dissolving the business

13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

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

2. Confidentiality: Include when there are trade secrets or sensitive business information to protect

3. Non-Competition and Non-Solicitation: Include when members should be restricted from competing activities

4. Insurance: Include when specific insurance requirements need to be maintained

5. Employment of Members: Include when members may also serve as employees

6. Additional Capital Contributions: Include when there may be future capital calls

7. Tax Matters: Include when specific tax elections or procedures need to be addressed

8. Digital Assets and Cybersecurity: Include when the business has significant online presence or digital assets

Suggested Schedules

1. Schedule A - Member Details: Complete member information, contact details, and initial capital contributions

2. Schedule B - Initial Assets: Detailed list of assets contributed to the business at formation

3. Schedule C - Approved Business Plan: Initial business plan and budget

4. Schedule D - Management Structure: Detailed roles and responsibilities of managing members

5. Schedule E - Special Resolutions: List of matters requiring special resolution approval

6. Appendix 1 - Company Forms: Standard forms for member resolutions, transfers, and notices

7. Appendix 2 - Valuation Methodology: Agreed method for valuing membership interests

8. Appendix 3 - Compliance Checklist: List of regulatory requirements and compliance obligations

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
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Relevant Industries

Technology

Professional Services

Retail

Manufacturing

Construction

Agriculture

Healthcare

Education

Real Estate

Hospitality

Consulting

E-commerce

Financial Services

Creative Industries

Relevant Teams

Legal

Compliance

Corporate Governance

Executive Leadership

Finance

Operations

Business Development

Administration

Risk Management

Relevant Roles

Business Owner

Managing Director

Company Director

Entrepreneur

Small Business Manager

Legal Counsel

Corporate Lawyer

Company Secretary

Business Development Manager

Operations Manager

Chief Executive Officer

Chief Financial Officer

Partnership Manager

Compliance Officer

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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