An Idaho LLC Operating Agreement compiles a synopsis to arrange a detailed understanding of the approach in which a company will be managed. Within the contract are areas to identify specific protocols for distributing funds, voting conduct, and member involvement. Operating agreements are not required on a state level for formation purposes but are recommended to clarify operational measures.
Laws
LLC Statutes – Idaho Statutes – Title 30, Chapter 25: Limited Liability Companies (§ 30-25-101 – 30-25-806)
Operating Agreements – § 30-25-105
Definitions – “Operating Agreement” means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record, or any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in section 30-25-105(a), Idaho Code. The term includes the agreement as amended or restated. (§ 30-25-102).
Formation – § 30-25-201 – 30-25-205
By Type (2)
Multi-Member LLC Operating Agreement
– Defines conditions and procedures of maintaining a limited liability corporation with two or more owning parties.
Download: Adobe PDF, MS Word (.docx)
Single-Member LLC Operating Agreement – Documents the confirming details of how an LLC run by a single member intends to be run, including specified policies, duties, and practices.
Download: Adobe PDF, MS Word (.docx)