An Idaho LLC’s use an operating agreement whereas corporations use bylaws. An operating agreement is similar in nature but is more specific to the flexible management style of an Idaho LLC. The operating agreement is an important document that aids in legally separating owners from the company.
This document outlines any major aspects of the business including, company information, duties of active owners, percentage of ownership, distribution of profits and losses, buyouts, and death.
An operating agreement is required by banks to open an Idaho business checking or savings account, and to apply for lines of credit.