The New Hampshire multi-member LLC operating agreement is the document that describes a limited liability company’s ownership and management structure, as well as its rules and regulations for operating. Though it may be drafted at any time, typically, an operating agreement is executed during the initial formation period of the LLC to lay the groundwork for business practices and policies. Since the LLC has multiple members, there is a higher probability of conflict; this document helps company owners manage or avoid such disputes.
Should the company face any legal troubles, the agreement helps shield its members by separating the business assets from the owners’ assets. Therefore, the creation of the operating agreement is beneficial, although New Hampshire does not deem it a legal requirement.