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The LLC Operating agreement details the ownership and management of a company or LLC in Idaho, and includes guidelines for daily operations and officer responsibilities. To ensure legal compliance and smooth operation of the company, it is recommended that each member keep an original copy of the agreement as it is not filed with any government office. Follow the steps below to fill in the necessary information in the agreement.
Fill in the legal name of the LLC, as it appears on the Articles of Organization. This information is essential for correctly identifying the company in question and for legal purposes.
Enter the date when the agreement is being executed. This is important for establishing the timeline and the starting point of the agreement.
Check the appropriate box to indicate whether the LLC has a single member or multiple members. This information determines the subsequent fields and clauses that apply to the agreement. If the LLC is a single-member LLC, fill in the member's name and mailing address. This information is vital for identifying the sole owner and for any legal correspondence. If the LLC is a multi-member LLC, fill in the required information for each member, including their name, ownership percentage, and mailing address. This information is crucial for establishing the ownership structure and for legal correspondence.
Re-enter the legal name of the LLC as mentioned earlier. This is to ensure consistency and proper identification throughout the document. Provide also the main business address of the LLC. This address is essential for legal purposes and any official correspondence.
Enter the date when the LLC was formed by filing the Articles of Organization with the Secretary of State. This date is important for historical and legal purposes.
If the LLC is a multi-member LLC, then fill in the capital contribution amount for each member. This information establishes the initial investment made by each member and is crucial for determining ownership and distribution of profits.
Fill in the name of the LLC in the blank space. This identifies the LLC that the agreement refers to, ensuring that the membership interest is linked to the correct entity. Then, fill in the effective date of the operating agreement in the blank space following "dated effective as of." This establishes the date from which the operating agreement governs the LLC's operations, serving as a reference for any amendments or changes in the future.
Each member should sign on the line provided next to "Member's Signature." This demonstrates that they agree to the terms and conditions laid out in the operating agreement, making it legally binding for each member. Next, they should fill in the date next to the signature. This indicates the date when the member signed the agreement, which is important for legal documentation and record-keeping purposes. Finally, print the member's name on the line provided next to "Print Name." This ensures clarity in identifying each member and their commitment to the terms of the agreement.
By completing all empty fields accurately, you ensure that your Limited Liability Company Operating Agreement is properly tailored to your specific company structure and needs. This not only helps to establish a legally-binding document but also helps to avoid potential disputes and misunderstandings among members in the future.