New Hampshire Option of Remaining Partners to Purchase, also known as the New Hampshire CORP, is a legal provision that allows remaining partners or members of a partnership or limited liability company (LLC) in New Hampshire to purchase the ownership interest of a departing partner or member. Under the New Hampshire CORP, partners or members have the right to decide whether they wish to continue the business with the departing partner or member or dissolve the partnership/LLC altogether. This option aims to provide stability and continuity to the business by allowing the remaining partners or members to retain control and ownership. There are two main types of New Hampshire CORP: 1. Partnership Option of Remaining Partners to Purchase: This type applies to partnerships where two or more partners co-own a business. When a partner decides to leave the partnership, the remaining partners have the option to purchase the departing partner's share of the business. This option enables the remaining partners to maintain the business operations without disruption. 2. LLC Option of Remaining Members to Purchase: This type specifically applies to limited liability companies (LCS), where members have ownership interests. Similar to the partnership CORP, if a member chooses to depart from the LLC, the remaining members can exercise the right to buy the departing member's ownership interest, thereby maintaining control and continuity. Keywords: New Hampshire CORP, Option of Remaining Partners to Purchase, partnership, limited liability company, partnership CORP, LLC CORP, remaining partners, departing partner, ownership interest, business continuity, legal provision, business operations, member, departing member, control, continuity.
New Hampshire Option of Remaining Partners to Purchase
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