Are you looking for an Operating Agreement for your Nex Mexico LLC? If yes, then you have come to the right place. On this page, we’ve shared a generic operating agreement template which you can use and modify as per your business needs.
Before that, here are a few points about the agreement which you must know:
Operating Agreement – Why every LLC must draft one
An Operating Agreement is an internal business document which is legally binding. It establishes policies and rules to govern the LLC. This document is not required as per the New Mexico LLC statues (§ 53-19-14), but without this document, the business may be prone to disputes.
What does the Operating Agreement Cover?
The agreement broadly covers right, duties and responsibility of each member. It also highlights the member(s) ownership percentage, rights and how profit/loss will be distributed.
Often overlooked, the agreement should also cover worst-case scenarios and how the situation will be handled, such as:
1) Death of a member
2) When one of the member leaves
3) When a new member has to be added
4) When an existing member has to be removed for non-fulfillment of the duty
5) Transfer/purchase of the membership interest
6) Decision-making process in case of a deadlock
All these points if added in the agreement can address important concerns beforehand. And save the memeber(s) from lengthy legal trouble.
Below you can find a generic operating agreement which can be used by LLCs formed in New Mexicio.
Download New Mexico LLC Operating Agreement (PDF/DOCX)
Disclaimer: The document is shared for reference purpose only. We disclaim all liability and responsibility arising from any reliance placed on the information shared. We encourage you to consult a professional business attorney to get a professional agreement made.
Last Updated: 02/01/2019