The Limited Liability Company (LLC) is one of the most common types of legal entities in Idaho. LLCs or a similar type of corporate entity are vital when starting a business in order to protect the business owner from personal liability.
Under an Idaho LLC structure, personal assets are exempt to the debts and liabilities of the company. This liability shield protects members of the LLC from company debt.
Idaho LLCs can be formed for any lawful business as long as the nature of the business is not banking, insurance, and certain professional service operations, such as doctor, lawyers or accountants. By simply filing articles of organization with the Idaho Secretary of State, an LLC takes on a separate identity.
Many important documents are necessary in order to properly run your Idaho LLC. These include the Certificate of Organization and the Operating Agreement. Idaho LLC owners should also identify a registered agent to receive mail on behalf of the corporation.
Business owners who have already set up their Certificate of Organization with the Idaho Secretary of State should seriously consider creating an Operating Agreement. Its especially important to create a Multi-member Operating Agreement if the LLC is owned by two or more members.