Rekstrarsamningur

Rekstrarsamningur, or operating agreement, is a legal document used primarily within Icelandic corporate law to define the relationship between a company's owners, managers, and other stakeholders. It outlines the rights, responsibilities, and obligations of each party involved in the management and operation of the company. Rekstrarsamningur is particularly relevant for limited liability companies (ltd.) and partnerships, providing detailed regulations that supplement the statutory provisions outlined in Icelandic law.

The agreement typically covers essential aspects such as the distribution of profits and losses, decision-making processes, appointment and duties of managers or directors, and procedures for resolving disputes. It also stipulates rules concerning the transfer of ownership interests, contributions by partners or shareholders, and other operational matters that impact the company's functioning.

Creating a rekstrarsamningur serves to clarify expectations among stakeholders, reduce potential conflicts, and ensure smoother management. While Icelandic law mandates certain formalities and disclosures, parties usually customize the agreement to suit their specific business needs and strategic goals.

In Iceland, the use of a rekstrarsamningur is not obligatory by law; however, it is highly recommended for internal governance and to prevent misunderstandings. The document must adhere to Icelandic commercial laws and can be amended with the consent of the involved parties.

Overall, a rekstrarsamningur is an essential tool for structuring the internal relations and operations within Icelandic companies, providing clarity and legal certainty for all parties involved.