The operating agreement is usually drafted by lawyers and accountants and includes sections such as:
• Company name and address
• Purpose of the company
• Duties of officers
• Financial matters
There are many ways to draft an operating agreement, and every company’s situation will determine the best model. A template for creating a new New Hampshire LLC operating agreement can be found here.
Table of Contents
What is an Operating Agreement for a New Hampshire Limited Liability Company (LLC)?
An Operating Agreement is a legal contract that lays out the rules for how your LLC operates. It protects both you and your members from being sued by third parties. You can also use an Operating Agreement to protect your assets from creditors.
A good Operating Agreement spells out everything from how the LLC is funded to the responsibilities of each member. If you are thinking about forming an LLC, it is important to understand the basics of an Operating Agreement.
The most common way to form an LLC is to file Articles of Organization with the state. This creates a New Hampshire Limited Liability Company. When you do this, you are creating an “LLC-1”. After filing articles, you will need to draft an Operating Agreement.
There are three types of Operating Agreements:
• Member Managed – where one or more members manage the LLC.
• Manager Managed – where the manager manages the day-to-day activities of the LLC.
• General Partner Managed – where the general partner manages the day-to day activities of the LLC. In this case, there is no manager or managing member.
WHY SHOULD I HAVE A NEW HAMPSHIRE LLC OPERATING AGREEMENT?
Having an operating agreement will protect you and your business partners. You don’t want to be surprised by something unexpected.
An operating agreement will set expectations about how things are done in your business. This helps everyone involved know what to expect.
A New Hampshire LLC operating agreement keeps everything organized. Your operating agreement will outline how much money each partner contributes, how decisions are made, and what happens if one partner wants out.
After creating your new Hampshire operating agreement
Your New Hampshire operating agreement is one of the most important documents you’ll ever sign. If it isn’t up to date, it could cost you money. Here’s what you need to know about updating your NH operating agreement.
When should I create an operating agreement?
An Operating Agreement is required if your business wants to form an entity in Delaware. You must complete the paperwork within 30 days of forming your company. If you fail to do so, you could face penalties.
A company needs an Operating Agreement if it intends to issue stock. This document outlines how the company will run and each member’s responsibilities.
If you are setting up a Limited Liability Company (LLC), you need to draft an Operating Agreement. This document lays out the company’s rules and how decisions will be made.
Should I file an operating agreement with the state for my LLC?
An operating agreement is required if your business wants to open a checking or savings account with a financial institution. In some cases, it is necessary to obtain one even if you are just starting out.
Frequently Asked Questions
Can I make my own operating agreement?
Yes. You can create your own operating agreement, but you must have a lawyer review it before you sign it. The following is an example of a typical operating agreement:
1. Name and address of the company.
2. Purpose of the corporation.
3. Number of directors.
4. Names of the initial directors.
5. Date of incorporation.
How much does it cost to register an LLC in New Hampshire?
New Hampshire is a great state for starting your own business. The costs of registering an LLC are very reasonable, and you can start up as soon as 30 days after filing. You will need to pay $100 to file with the Secretary of State’s office, but no additional fees or taxes are associated with doing so.
Who can be a registered agent in NH?
You need to have an office or place of business in New Hampshire. You don’t need to be physically present there, but it has to be your “place of business” to register as a foreign corporation.
James Rourke is a business and legal writer. He has written extensively on subjects such as contract law, company law, and intellectual property. His work has been featured in publications such as The Times, The Guardian, and Forbes. When he’s not writing, James enjoys spending time with his family and playing golf.