Idaho LLC Operating Agreement

The Idaho LLC Operating Agreement Template is completed when a limited liability company’s owner(s) wishes to establish business-related policies and operation standards. You can find the template of this document on any reliable source page. To create the most recent LLC Operating Agreement (or OA) effectively, use our form-building software.

Here are some contents of the free printable operating agreement template:

  • The company’s name and location
  • Formation dates and procedures
  • Purpose and main activity objectives
  • Term (validity period, if applicable)
  • Member’s initial capital contributions
  • Distributions of power, responsibilities, and obligation
  • Books, records, and tax returns
  • Bank accounts
  • The company’s management practices and principles
  • Dissolution and liquidation of the LLC
  • Representation of members
  • Membership certificates
  • Notices provided on any LLC-related matter and their forms
  • Arbitration and jurisdiction
  • Amendments (if applicable)
  • Indemnification
  • Miscellaneous

To make the paper effective (legally binding), each member of the company should review all provisions mentioned in the subject OA, append their signature, and date the document. The date indicated therein will be considered effective.

Idaho LLC Laws and Definition

The Idaho LLC Operating Agreement is governed by Section 30-25-105 of the state law. According to this part, relations among all LLC members, the company’s managers’ rights and responsibilities, the organization’s activities and affairs, and the means and conditions for amending the OA are described in the paper.

Information about relevant definitions is presented in Section 30-25-102(9) of the Idaho law. You may want to get acquainted with the LLC-related terms below:

  • Certificate of Organization. An official LLC’s Certificate of Organization, as amended or restated.
  • Contribution. Any type of property or monetary funds delivered by an individual to the LLC to become its member (or in the member’s capacity).
  • Manager. An individual, responsible for carrying out management-related procedures in the LLC (either alone or together with colleagues).
  • Organizer. An original owner of the company, who has legally initiated its creation.

Steps to Forming an LLC in Idaho

Hereunder, you will find step-by-step instructions on registering an LLC and filling out the OA. Please read them through carefully.

1. Naming the LLC

Choosing a name for your company is one of the first and most important steps to take—it will reflect all the services you are providing and the values you share. Ensure that the name is not too long and complicated so that the clients can remember it.

Your company’s name should also contain the abbreviation “LLC” or the phrase “limited liability company.” However, the name cannot include other confusing abbreviations, such as “FBI” or “SD.”

There are several restricted words as well. If you wish “Bank” or “University” to be a part of the entity’s name, extra paperwork might be required.

2. Registered Agent

There should be a designated person or a business entity representing your LLC. The agent has to reside or be allowed to perform business services in the state.

3. Certificate of Formation

Your LLC needs to be registered and have a Certificate of Organization. You may choose to apply for the registration online on the State of Secretary’s official website, submit your application through US mail, or visit the office in person.

In case you already own an LLC located out of Idaho and you wish to expand your business to this state, file for a foreign LLC. To get a Certificate of Formation, prepare a set of necessary documentation and pay the appropriate fees.

4. Idaho LLC Operating Agreement

Idaho’s law does not insist that your LLC is regulated by an OA, although it most definitely is sensible to create one. If detailed and contains comprehensive provisions, this document would comprise an exhaustive legal guide for all entity members on managing all related business processes.

5. Get an EIN

It is mandatory for each business in the USA to obtain an EIN, a nine-digit number used by the IRS to control the organization’s financial activities and check its legitimacy. You also must have one to open a business bank account, hire staff, and file and manage taxes. Getting an EIN is not complicated. You can apply online or visit an IRS office in person.

Consider the following pieces of advice once you have decided to form an LLC in Idaho.

It is advisable to find a proper business accountant. Keep in mind that this person will manage all your business expenses, look for practical solutions to stabilize your company’s profit and losses, count the wages of Board members, managers, officers, and employees, and solve other similar tasks to make your LLC financially stable.

Business insurance may be a good idea as well, as it creates an extra level of protection. It is also recommended to make sure that your business and personal accounts are separated—in case the LLC is issued, you may feel safe about your personal assets. You may also wish to send a press release to draw your potential customers’ attention to the service or products you are selling.

Published: Mar 24, 2021