State of Nh Llc Operating Agreement

Posted by:

If you`re starting a limited liability company (LLC) in New Hampshire, you`ll need to draft an operating agreement. This document outlines the rights, responsibilities, and operating procedures of the members of the LLC. While not required by law, having an operating agreement can help avoid conflicts and legal issues down the road.

The state of New Hampshire does not provide a template for an operating agreement, which means you`ll need to create one from scratch. However, there are a few key provisions that your operating agreement should include:

1. Member Rights and Responsibilities

The operating agreement should outline the rights and responsibilities of each member of the LLC. This may include voting rights, profit distribution, and how decisions are made.

2. Capital Contributions

The operating agreement should also specify how much each member has contributed to the LLC and how additional capital contributions will be made.

3. Management and Decision-Making

The operating agreement should outline how the LLC will be managed and who will be responsible for making decisions. You can choose to have a management committee or designate certain members to make decisions.

4. Dissolution and Termination

The operating agreement should specify how and when the LLC can be dissolved or terminated. This may occur if a member leaves the LLC or if the business is no longer profitable.

5. Buyout and Transfer Provisions

Finally, the operating agreement should outline the buyout and transfer provisions for members who wish to leave the LLC. This may include a buy-sell agreement or a right of first refusal for remaining members.

While drafting an operating agreement may seem daunting, it`s crucial for protecting your LLC and ensuring that all members are on the same page. Consider working with an attorney or an online legal service to help you create a comprehensive operating agreement for your New Hampshire LLC.


About the Author:

  Related Posts
  • No related posts found.