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. The New Hampshire Operating Agreement is a legal document that outlines the internal workings and structure of a limited liability company (LLC). It is specifically designed for LCS operating in New Hampshire and is applicable to states that have adopted the Uniform Limited Liability Act (UCLA) and the Revised Uniform Limited Liability Act (SULLA). Here are the different types of New Hampshire Operating Agreements based on the adopted Acts: 1. New Hampshire Operating Agreement under UCLA: The UCLA provides a framework for the formation, operation, and management of LCS. The New Hampshire Operating Agreement based on UCLA outlines the rights, duties, and responsibilities of the LLC's members and managers. It includes provisions related to the LLC's capital contributions, profit distribution, decision-making processes, voting rights, and management structure. 2. New Hampshire Operating Agreement under SULLA: SULLA is an updated version of UCLA that offers more flexible provisions for LCS. The New Hampshire Operating Agreement based on SULLA incorporates the latest changes in LLC laws. It allows greater customization of the agreement according to the specific needs and preferences of the LLC owners. It includes provisions related to member-managed and manager-managed LLC structures, the transferability of membership interests, and the dissociation and dissolution of the LLC. The New Hampshire Operating Agreement for both UCLA and SULLA typically covers the following key components: 1. Formation: It includes the LLC's name, principal place of business, purpose, duration, and filing requirements. 2. Membership: It specifies the rights, duties, and responsibilities of LLC members, their capital contributions, and the process for admitting new members. 3. Management: It outlines whether the LLC will be member-managed or manager-managed, with details regarding decision-making authority, appointment and removal of managers, and the LLC's governance structure. 4. Capital Contributions: It defines the initial capital contributions made by members, the process for additional contributions, and the distribution of profits and losses. 5. Voting and Decision-Making: It establishes the rules for voting, quorum requirements, and the decision-making processes for significant matters such as amendments to the operating agreement, admission or removal of members, and mergers or acquisitions. 6. Dissociation and Dissolution: It outlines the circumstances under which a member may dissociate from the LLC and the procedures for the LLC's dissolution, winding up its affairs, and distribution of assets. It is crucial for LLC owners to consult legal professionals familiar with New Hampshire LLC laws and the specific requirements of the adopted Acts to draft an operating agreement that complies with state regulations and complements their business objectives.
The New Hampshire Operating Agreement is a legal document that outlines the internal workings and structure of a limited liability company (LLC). It is specifically designed for LCS operating in New Hampshire and is applicable to states that have adopted the Uniform Limited Liability Act (UCLA) and the Revised Uniform Limited Liability Act (SULLA). Here are the different types of New Hampshire Operating Agreements based on the adopted Acts: 1. New Hampshire Operating Agreement under UCLA: The UCLA provides a framework for the formation, operation, and management of LCS. The New Hampshire Operating Agreement based on UCLA outlines the rights, duties, and responsibilities of the LLC's members and managers. It includes provisions related to the LLC's capital contributions, profit distribution, decision-making processes, voting rights, and management structure. 2. New Hampshire Operating Agreement under SULLA: SULLA is an updated version of UCLA that offers more flexible provisions for LCS. The New Hampshire Operating Agreement based on SULLA incorporates the latest changes in LLC laws. It allows greater customization of the agreement according to the specific needs and preferences of the LLC owners. It includes provisions related to member-managed and manager-managed LLC structures, the transferability of membership interests, and the dissociation and dissolution of the LLC. The New Hampshire Operating Agreement for both UCLA and SULLA typically covers the following key components: 1. Formation: It includes the LLC's name, principal place of business, purpose, duration, and filing requirements. 2. Membership: It specifies the rights, duties, and responsibilities of LLC members, their capital contributions, and the process for admitting new members. 3. Management: It outlines whether the LLC will be member-managed or manager-managed, with details regarding decision-making authority, appointment and removal of managers, and the LLC's governance structure. 4. Capital Contributions: It defines the initial capital contributions made by members, the process for additional contributions, and the distribution of profits and losses. 5. Voting and Decision-Making: It establishes the rules for voting, quorum requirements, and the decision-making processes for significant matters such as amendments to the operating agreement, admission or removal of members, and mergers or acquisitions. 6. Dissociation and Dissolution: It outlines the circumstances under which a member may dissociate from the LLC and the procedures for the LLC's dissolution, winding up its affairs, and distribution of assets. It is crucial for LLC owners to consult legal professionals familiar with New Hampshire LLC laws and the specific requirements of the adopted Acts to draft an operating agreement that complies with state regulations and complements their business objectives.
