A New Mexico limited liability company operating agreement is a contractual agreement that, ideally, should be signed and notarized by every member of the LLC. New Mexico does not expect limited liability companies to have an operating agreement in place. However, since documenting the membership powers and how the limited liability company will function early on will promote a smoother operation during its lifespan, setting an operating agreement in place for a New Mexico limited liability company is widely suggested.
Is it Required in New Mexico?
No. The State of New Mexico does not require business owners to initiate an operating agreement for their company. LLCs are free to organize and operate without setting up an operating agreement.
Templates (2)
Single-Member LLC operating agreement – The internal contract defining how a single-member LLC will function and can only be used by companies made up of a maximum of one (1) member.
Multi-Member LLC operating agreement – The internal document defining the membership and structure of a New Mexico LLC with two (2) members or more.
State Definition
“M. ‘Operating agreement’ means the agreement, regardless of whether it is referred to as an operating agreement, and regardless of whether it is oral, in a record, implied or in any combination thereof, of all of the members of a limited liability company, including a sole member, concerning the matters described in Subsection A of Section 110 of the Revised Uniform Limited Liability Company Act and includes the agreement as amended or restated.”
