Llc Operating Agreement Idaho: Fill & Download for Free

Yes - I could theoretically list anyone as a member (or manager... or managing member) of an LLC that I form. Consequently, the public record would show that you're a member of said LLC. However, legally, you would not be a member (unless you agreed to be).If anyone tells you that you have to enter into an operating agreement in order to become a member of an LLC, they clearly lack an understanding of the law. In the many states that are oral agreement states, you can become a member of an LLC without signing anything - in which case the provisions of that state's LLC Act (generally, the Revised Uniform LLC Act, or Uniform LLC Act or similar, depending on state) apply in lieu of a written operating agreement.As an example, Idaho (my state) is an oral contracts state - per Idaho Statute 5-217.Again, discard any answer that implies a signed operating agreement is necessary.

This happens to be exactly what I do - and over the past 2.5 years, I've flipped approximately 30 homes in Florida, Indiana, Texas, and Arizona. I live in Boise, Idaho... my flipping partners live in the property states.You will need an Operating Agreement that is carefully crafted for the endeavor that the three of you want to undertake. It will need to address common problems encountered by partnerships, such as:What happens when one of you can't come up with the money, such as a bad estimate and additional funds are needed?What happens when one of you decides to no longer do their job (assuming some of you are putting in labor)?What happens when there's a disagreement among partners (members) while the LLC owns properties? I hope you realize one of you can't just arbitrarily decide to sell it - and sign the deed.There are many questions - none of them new to partnerships of this type - which a competent real estate attorney can help answer in your Operating Agreement.FYI - As I said, I live in Boise, Idaho. I have a Utah Series LLC which I use for all my properties - creating a new series cell for each deal, thus isolating each deal from the others, and from the partners (members) involved in that deal. While I filed the LLC documents myself, I employed a skilled property attorney to draft my specialized operating agreement, which allows me (as the one who puts up all the cash) control of the property if partners fail to rehab within schedule.

Let’s do the math… Idaho charges $100 to file (create) an LLC, whereas New Jersey charges $125 for same. However, Idaho does not charge an annual reporting fee for LLC’s, whereas New Jersey charges a $50 annually. Given the fact that your friend is already in Idaho, which means that your friend can serve as the Registered Agent for the company (thus avoiding yet another annual fee), I would go ahead and create the LLC in Idaho. You’re going to want to figure out how the LLC will be managed, how it will be funded, and many other details which are laid out in the Company’s Operating Agreement. You will want to have an operating agreement which includes buy-out and first-refusal provisions, especially if the company makes a profit. You’ll also want to decide on important tax matters right away, such as how the LLC should be taxed by the IRS. Entity classification (tax-wise) is different from entity type (LLC, corp, etc). For example, you can have an LLC that is taxed as an S corp even though it’s an LLC.