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Idaho LLC Operating Agreement

The Idaho LLC Operating Agreement is the core document that is referred to when issues concerning an Idaho limited liability company (“LLC”) need to be resolved.

The LLC Operating Agreement is the most important document for your Idaho LLC.

In the case of a single member LLC, without the formality of an LLC Operating Agreement, the LLC can closely resemble a sole proprietorship, which does not limit your personal liability for business debts of the LLC.

With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with respect to the affairs and management of the LLC and governs the relationship amongst the members of the LLC. By having an LLC Operating Agreement, the members will be provided with a clear set of rules that all members have agreed upon greatly reducing the likelihood of disagreement between them in the future. A LLC Operating Agreement will also greatly reduce financial and management misunderstandings, and make sure your business is governed by your own rules -- not default rules created by the state of Idaho.

Need a LLC Operating Agreement for your Idaho LLC?

www.myLLCagreement.com will generate a customized LLC Operating agreement for your Idaho LLC in a matter of minutes.

Whether your LLC will have one or more members, will be managed by its members or by elected managers, or will be granting one or more members an interest in the LLC for the performance of services, myLLCagreement.com will generate a customized LLC operating agreement tailored to the needs of your business.

If you don’t want to spend thousands of dollars on a lawyer and don’t trust outdated internet forms, then let myLLCagreement.com help you create a customized LLC operating agreement for your Idaho LLC.

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The LLC operating agreement does not have to be filed with any state agency. All states, including the state of Idaho will enforce valid operating agreements entered into among LLC members. The operating agreement will only be enforced against the persons who are parties to the agreement. Therefore, it is extremely important that all members of an LLC sign the operating agreement.

Your Idaho Limited Liability Company

LLC Filing Office

Idaho Secretary of State
Corporations Division
700 West Jefferson
P.O. Box 83720
Tel: 208-334-2301
www.idsos.state.id.us/corp/corindex.htm
Check Name Availability


Entity or Franchise Level Tax

Idaho does not require partnerships, LLCs taxable as partnerships, or disregarded single-member LLCs to pay a general net worth tax or a tax based on net income.

State LLC Act

The Idaho LLC Act is contained in Title 53, Chapter 6 of the Idaho Statutes

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The Idaho LLC Act

Important Statutory Rules

LLC Management

An LLC is managed by its members unless the Articles of Organization states that the LLC is to be managed by one or more managers.

Admission of Members

Unless the Operating Agreement states otherwise, new membership must be issued with the unanimous consent of all the members.

Amending the Operating Agreement

Unless the Operating Agreement states otherwise, amendments to the Operating Agreement must be approved by all the members.

Dissolution

Unless otherwise provided in the Operating Agreement, all members can vote to voluntarily dissolve the LLC.

Transfers of Property

If the LLC is member-managed, transfers of LLC property may be transferred by a document signed a member on behalf of the LLC; if managed-managed, only a manager can execute such a transfer document on behalf of the LLC.

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