A New Mexico multi-member LLC operating agreement is a contract that the owners (the “members”) of a limited liability company (LLC) draft to establish their company’s ownership and operations. Unlike the documents that are filed with the state when founding their LLC, the operating agreement specifies the members’ rights, responsibilities, as well as their capital contributions and distributions. Although the document isn’t legally required, the LLC will be governed by state law if an agreement isn’t drafted which may not serve the members’ best interests.
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