An Idaho limited liability company operating agreement is a key document when establishing how members may behave when running the company. Such an agreement may be oral or written but, as with any agreement, it is best to have a dated and signed written agreement.
A signed and notarized agreement will aid in preserving the member’s expectations and provide additional proof of the company’s operations when required. For example, many financial institutions will require proof that the LLC member initiating a loan has the authority to do so on behalf of the company. A well-executed written operating agreement would answer this need nicely.
Is it Required in Idaho?
No. A written or oral operational agreement is not required by the State of Idaho. No Idaho statutes mandate creating or maintaining such an agreement at any point in a limited liability company’s lifespan.
Templates (2)
Single-Member LLC Operating Agreement – To be used by limited liability companies with no more than one (1) member.
Multi-Member LLC Operating Agreement – Made for Idaho LLCs with at least two (2) members.
State Definition
“(9) “Operating agreement” means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record, or in 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.”
