A limited liability company’s operating agreement or company agreement is similar to a corporation’s shareholder agreement, and provides for the management of the LLC, and the rights and duties of the owners of the LLC (members) and the managers of the LLC, if any.

Specifically, the LLC operating agreement should address the company’s finances, capital contributions, percentages of ownership, voting rights, meetings, notices, buyouts, distribution of profits and losses, officers, and other matters. Limited liability companies generally may be managed by the members or by appointed or elected managers.

In New Hampshire, a limited liability company (LLC) is governed by an operating agreement, which is a key document that outlines the management structure and the rights and responsibilities of its members. The operating agreement is akin to a corporation's shareholder agreement. It is not mandatory to have an operating agreement in New Hampshire, but it is highly recommended as it provides clarity on the operations of the LLC and can help prevent disputes among members. The operating agreement should detail the financial dealings of the LLC, including capital contributions, ownership percentages, and the allocation of profits and losses. It should also specify voting rights, the procedures for holding meetings and issuing notices, the process for member buyouts, and the roles of officers and managers. New Hampshire law allows LLCs to be member-managed or manager-managed, and this choice should be clearly stated in the operating agreement. Without an operating agreement, the default provisions of the New Hampshire Revised Statutes Annotated (RSA) Chapter 304-C, known as the New Hampshire Limited Liability Company Act, will apply.