New Mexico LLC Operating Agreement
The New Mexico LLC Operating Agreement is the core document that is referred to when issues concerning a New Mexico limited liability company (“LLC”) need to be resolved.
The LLC Operating Agreement is the most important document for your New Mexico LLC.
In the case of a single member LLC, without the formality of an LLC Operating Agreement, the LLC can closely resemble a sole proprietorship, which does not limit your personal liability for business debts of the LLC.
With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with respect to the affairs and management of the LLC and governs the relationship amongst the members of the LLC. By having an LLC Operating Agreement, the members will be provided with a clear set of rules that all members have agreed upon greatly reducing the likelihood of disagreement between them in the future. A LLC Operating Agreement will also greatly reduce financial and management misunderstandings, and make sure your business is governed by your own rules -- not default rules created by the state of New Mexico.
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The LLC operating agreement does not have to be filed with any state agency. All states, including the state of New Mexico will enforce valid operating agreements entered into among LLC members. The operating agreement will only be enforced against the persons who are parties to the agreement. Therefore, it is extremely important that all members of an LLC sign the operating agreement.
Your New Mexico Limited Liability Company
LLC Filing Office
Chartered Documents Division
P.O. Box 1269
Santa Fe, NM 87504
Check Name Availability
Entity or Franchise Level Tax
Mexico does not require partnerships, LLCs taxable as partnerships,
or disregarded single-member LLCs to pay a general net worth
tax based on net income.
State LLC Act
New Mexico LLC Act is contained in Chapter 53, Article 19
of the New Mexico Statutes
The New Mexico LLC Act
Important Statutory Rules
An LLC is managed by its members unless the Operating Agreement states that the LLC is to be managed by one or more managers.
Admission of Members
Unless otherwise provided in the Operating Agreement, new interests in the LLC must be issued with the written consent of all the members. Unless otherwise provided in the Operating Agreement, the admission of a transferee as a member must be approved by the unanimous consent of all non-transferring members.
Amending the Operating Agreement
Unless otherwise provided in the Operating Agreement, the approval of a majority of the voting members is required to amend the Operating Agreement.
Unless otherwise specified in the Operating Agreement, approval of a majority of the voting members is required to sell all LLC assets or voluntarily dissolve the LLC.
Removal of Member
Unless otherwise provided in the Operating Agreement, a member must be removed by approval of other members.
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