An Idaho multi-member LLC operating agreement is a legal document that establishes the company’s policies, structure, and members’ rights and responsibilities, including ownership percentages and capital contributions. Without this agreement, LLCs must adhere to default state laws, potentially compromising the company’s objectives and leaving members with reduced protection against financial and legal liabilities.
Although not mandated by the state, having an operating agreement is recommended to protect members from personal liability in litigation or business failure scenarios, safeguarding their personal and financial assets.
