Sample Operating Agreement for an Idaho Professional Limited Liability Company PLLC
Overview of this form
The Sample Operating Agreement for an Idaho Professional Limited Liability Company (PLLC) is a legal document that outlines the governance structure, responsibilities, and operating procedures of a PLLC. This agreement is essential for members who want to define how their company will operate and ensure compliance with Idaho law. Unlike generic business agreements, this sample is specifically tailored for professional services, making it ideal for licensed professionals in Idaho.
What’s included in this form
- Formation of the PLLC: Details about the establishment of the company and its name.
- Management Structure: Options for management by members or appointed managers.
- Members and Capital Contributions: Information about the initial members, their contributions, and ownership percentages.
- Decision-Making: Voting rights and procedures for members on important issues.
- Indemnification: Provisions to protect members and officers from certain liabilities.
- Dissociation and Transfer of Interests: Guidelines on what happens if a member leaves or sells their interest in the PLLC.
Common use cases
This operating agreement should be used when establishing a new professional limited liability company in Idaho. It is beneficial in circumstances where multiple professionals wish to collaborate, outline their roles and responsibilities, and establish decision-making protocols. It can also serve as a critical document for existing PLLCs looking to formalize or update their internal operating procedures.
Intended users of this form
This form is intended for:
- Licensed professionals in Idaho, such as lawyers, accountants, or medical practitioners.
- Individuals interested in forming a PLLC to collaborate with other licensed professionals.
- Existing PLLCs seeking to refine their operating agreements for clarity or legal compliance.
How to complete this form
- Identify the members: Enter the names of all founding members in the designated fields.
- Specify the PLLC name: Fill in the professional limited liability company name clearly.
- Outline management structure: Decide whether the PLLC will be member-managed or manager-managed and indicate that choice.
- Detail capital contributions: Record the initial contributions from each member and their corresponding ownership percentages.
- Include voting procedures: Define how decision-making will occur among members, including voting rights and quorum requirements.
Notarization guidance
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to specify the nature of the professional practice of the PLLC.
- Not documenting each member's capital contributions or ownership percentage accurately.
- Neglecting to update the agreement when new members are added or when ownership percentages change.
Advantages of online completion
- Convenience: Download and complete the agreement from any location at any time.
- Editability: Tailor the template to fit your specific business needs easily.
- Reliability: Access a form drafted by licensed attorneys for peace of mind regarding legal compliance.
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FAQ
Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.
Does a single member LLC need an operating agreement? Technically, no, but it is still highly recommended. The purpose of the operating agreement is to state the operations of the LLC and set out the responsibilities of its members, including sole members, as is the case with single member LLCs.
Most states do not require LLCs to have this document, so many LLCs choose not to draft one. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one.However, a written operating agreement defines in writing how the LLC is run.
The core elements of an LLC operating agreement include provisions relating to equity structure (contributions, capital accounts, allocations of profits, losses and distributions), management, voting, limitation on liability and indemnification, books and records, anti-dilution protections, if any, restrictions on
200bThe LLC annual fee is an ongoing fee paid to the state to keep your LLC in compliance and in good standing. It's usually paid every 1 or 2 years, depending on the state. This fee is required, regardless of your LLC's income or activity. Said another way: you have to pay this.
Every member of the LLC and the manager or managers (if there are any) need to sign the operating agreement. Each signatory should sign a separate signature page.Learn how to properly sign business documents on your state's LLC formation page.
The LLC and PLLC are state constructs; as such, rules vary widely by state.Professionals in California cannot form an LLC or a PLLC, but can form a RLLP (Registered Limited Liability Partnership) or PC (Professional Corporation). And professionals in Arizona can choose between an LLC or PLLC.
When you hire a lawyer in the Priori network, drafting an operating agreement typically costs anywhere from $350-$1000 for a single-member operating agreement and from $750-$5000 for a multi-member operating agreement.
Regarding the management flexibility and taxation, a PLLC has the same advantages of an LLC. The difference between the two is that the PLLC has some restrictions on who may be a member of the PLLC and the limitation of liability of the members. With an LLC, anyone can be a member, or owner, of the business.
