New Hampshire Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act

State:
Multi-State
Control #:
US-01931BG
Format:
Word
Instant download

Description

A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.


An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.


Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.

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  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act

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FAQ

The LLC operating agreement, also known as an LLC agreement, establishes the rules and structure for the LLC and can help address any issues that arise during business operations. Most states have default provisions that address many of these difficulties, but the operating agreement can override these presumptions.

Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...

In order to operate, LLCs require real humans (and other entities) to carry out company operations. New Hampshire's LLC Statutes cover the groundwork for operating agreements, but they don't explicitly state you must have an one. However, you will need an operating agreement to maintain your LLC.

Do You Need a Delaware LLC Operating Agreement? Delaware's LLC law requires all Delaware LLCs to have an Operating Agreement. Delaware allows the LLC Operating Agreement to be a verbal agreement. However, having a written LLC Operating Agreement is the only way to make the agreement enforceable.

Although some states require businesses to have this document in place, you're not legally required to have an LLC Operating Agreement in place to conduct business in New Hampshire. We do recommend having one for your business nonetheless.

An operating agreement is the governing contract adopted by members of a Limited Liability Company (LLC). It lays out the business's course and helps operations and management become more organized.

How to Start an LLC in New Hampshire Name Your LLC. First of all, your business needs a name. ... Designate a Registered Agent. Next, you need to appoint a registered agent. ... Submit LLC Certificate of Formation. ... Write an LLC Operating Agreement. ... Get an EIN. ... Open a Bank Account. ... Fund the LLC. ... File State Reports & Taxes.

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New Hampshire Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act