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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will have one or more members, will be managed by its members
or by elected managers, or will be granting one or more
members an interest in the LLC for the performance of services,
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New Hampshire LLC.
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
New
Hampshire Secretary of State
State House, Room 204
107 North Main Street
Concord, NH 03301
Tel: 603-271-3244
www.state.nh.us/sos/corporate/index.htm
Check Name Availability
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
LLC Management
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.
Dissolution
Unless
otherwise specified in the Operating Agreement, approval
of a majority of members is required to voluntarily dissolve
the LLC.
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LLC OPERATING AGREEMENT IN MINUTES
