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Single Member Manager Managed LLC Operating Agreement

Single Member Manager Managed LLC Operating Agreement Template for Malaysia

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Key Requirements PROMPT example:

Single Member Manager Managed LLC Operating Agreement

"I need a Single Member Manager Managed LLC Operating Agreement for my tech consultancy business in Kuala Lumpur, with specific provisions for protecting intellectual property and handling client data security, to be effective from March 1, 2025."

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Document background
The Single Member Manager Managed LLC Operating Agreement is a foundational document used when establishing a single-member business entity in Malaysia that seeks to implement LLC-like characteristics while complying with Malaysian law. While Malaysia doesn't have a direct equivalent to the US LLC structure, this agreement adapts the concept to work within the framework of Malaysian company law, particularly the Companies Act 2016. The document is essential for entrepreneurs and business owners who want to establish a clear governance structure, protect their personal assets, and maintain operational flexibility. It details capital contributions, management powers, profit distribution mechanisms, and dissolution procedures, while ensuring compliance with Malaysian regulatory requirements. This agreement is particularly valuable for small business owners and entrepreneurs who want to operate their business with the protection and structure of a formal entity while maintaining sole control over operations.
Suggested Sections

1. Parties: Identifies the Single Member/Manager and the LLC entity

2. Background: Sets forth the context of the agreement, including the formation of the LLC and its purpose

3. Definitions: Defines key terms used throughout the agreement

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

5. Registered Office: Specifies the company's registered office address and requirements for changing it

6. Business Purpose: Defines the scope and nature of the LLC's business activities

7. Term and Dissolution: Specifies the duration of the LLC and conditions for dissolution

8. Capital Contributions: Details of initial and any additional capital contributions by the single member

9. Distributions: Rules governing profit distributions and capital returns

10. Management Structure: Outlines the manager-managed structure and scope of management authority

11. Rights and Responsibilities: Defines the member/manager's rights, duties, and responsibilities

12. Books and Records: Requirements for maintaining company records and financial documentation

13. Tax Matters: Addresses tax treatment and reporting obligations

14. Indemnification: Provisions for indemnifying the manager in legitimate business activities

15. Amendment Procedures: Process for modifying the operating agreement

16. Governing Law: Specifies Malaysian law as governing law and jurisdiction

Optional Sections

1. Transfer Restrictions: Optional section for restricting transfer of membership interest, relevant if future additional members are contemplated

2. Succession Planning: Optional provisions for succession in case of death or incapacity of the single member

3. Intellectual Property Rights: Optional section if the LLC will own or develop significant IP

4. Confidentiality: Optional provisions for protecting company confidential information

5. Banking and Financial Matters: Optional detailed procedures for banking operations and financial management

6. Employee Management: Optional section if the LLC will have employees

7. Dispute Resolution: Optional detailed procedures for resolving disputes, including arbitration provisions

8. Insurance Requirements: Optional section specifying required insurance coverage

Suggested Schedules

1. Schedule A - Capital Contributions: Detailed listing of initial capital contributions and valuations

2. Schedule B - Company Details: Company registration information, business registration number, and tax ID

3. Schedule C - Initial Assets: Inventory of assets transferred to the LLC at formation

4. Appendix 1 - Sample Management Resolutions: Template resolutions for common management decisions

5. Appendix 2 - Required Government Filings: List of required periodic filings with Malaysian authorities

6. Appendix 3 - Financial Procedures: Detailed procedures for financial operations and reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Professional Services

Technology

Retail

Manufacturing

Consulting

Real Estate

E-commerce

Food and Beverage

Healthcare

Education

Agriculture

Construction

Import/Export

Financial Services

Relevant Teams

Legal

Corporate Secretarial

Finance

Compliance

Operations

Management

Administration

Tax

Risk Management

Business Development

Relevant Roles

Business Owner

Entrepreneur

Company Director

Managing Director

CEO

Company Secretary

Corporate Lawyer

Legal Counsel

Business Advisor

Tax Consultant

Accountant

Chief Financial Officer

Business Development Manager

Operations Manager

Compliance Officer

Industries
Companies Act 2016: The primary legislation governing company formation, structure, and governance in Malaysia. This act provides the fundamental framework for business entities and their operations.
Companies Commission of Malaysia Act 2001: Establishes the Companies Commission of Malaysia (SSM) and outlines its regulatory powers over business entities.
Income Tax Act 1967: Governs taxation matters for business entities in Malaysia, including corporate tax obligations and requirements.
Contracts Act 1950: Provides the legal framework for formation and enforcement of contracts in Malaysia, which is essential for the operating agreement's validity.
Employment Act 1955: Relevant for provisions relating to employment relationships if the company will have employees.
Digital Signature Act 1997: Important for electronic execution of documents and maintaining digital records.
Competition Act 2010: Relevant for ensuring business practices comply with Malaysian competition law.
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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