New Hampshire LLC Operating Agreement
The New Hampshire LLC Operating Agreement is the core document that is referred to when issues concerning a New Hampshire limited liability company (“LLC”) need to be resolved.
The LLC Operating Agreement is the most important document for your New Hampshire 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 Hampshire.
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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 Hampshire 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 Hampshire Limited Liability Company
LLC Filing Office
Entity or Franchise Level Tax
Partnerships and LLCs, regardless of their federal entity classification, are included in the definition of “business organizations” that are subject to the New Hampshire business profits tax (BPT). The amount of the tax is determined by multiplying the “taxable enterprise base value” by 0.75 percent. The taxable enterprise base value is the sum of all compensation paid or accrued, interest paid or accrued, and dividends paid by the business enterprise, adjusted for special deductions and apportionment.
State LLC Act
The New Hampshire LLC Act is contained in Title XXVIII, Chapter 304C of the New Hampshire Statutes
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
The Operating Agreement will govern how new members are admitted to the LLC. Unless otherwise provided in the Operating Agreement, the admission of a transferee as a member must be approved by written consent of all members.
Amending the Operating Agreement
Unless otherwise provided in the Operating Agreement, amendments to the Operating Agreement must be approved by all the members.
Unless otherwise specified in the Operating Agreement, approval of a majority of members is required to voluntarily dissolve the LLC.
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