Idaho Unanimous Consent to Action By the Members of a Limited Liability Company, in Lieu of a Meeting, Ratifying Past Actions of Managing Member and/or Members

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Description

Section 404(d) of the Uniform Limited Liability Company Act provides:


Action requiring the consent of members or managers under this Act may be taken without a meeting.

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FAQ

Search Idaho Statutes. 74-404. Required action in conflicts. A public official shall not take any official action or make a formal decision or formal recommendation concerning any matter where he has a conflict of interest and has failed to disclose such conflict as provided in this section.

30-25-410. RIGHTS to information OF MEMBER, MANAGER AND PERSON DISSOCIATED AS MEMBER.

Idaho Statutes (d) A limited liability company's indebtedness to a member or transferee incurred by reason of a distribution made in ance with this section is at parity with the company's indebtedness to its general, unsecured creditors, except to the extent subordinated by agreement.

Search Idaho Statutes 30-25-409. STANDARDS OF CONDUCT FOR MEMBERS AND MANAGERS. (a) A member of a member-managed limited liability company owes to the company and, subject to section 30-25-801, Idaho Code, the other members the duties of loyalty and care stated in subsections (b) and (c) of this section.

In fact, the Idaho Supreme Court has ruled that self-represented individuals should be held to the same standard as attorneys. Thus, while any individual can represent himself or herself in court (business entities cannot), it may not be a good idea.

30-30-409. Termination, expulsion and suspension. (1) No member, except a member of a religious corporation, may be expelled or suspended, and no membership or memberships in such corporations may be terminated or suspended except pursuant to a procedure that is fair and reasonable and is carried out in good faith.

30-29-704. ACTION WITHOUT MEETING. (a) Action required or permitted by this chapter to be taken at a shareholders' meeting may be taken without a meeting if the action is taken by all the shareholders entitled to vote on the action.

30-25-304. LIABILITY OF MEMBERS AND MANAGERS. (a) A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company.

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Idaho Unanimous Consent to Action By the Members of a Limited Liability Company, in Lieu of a Meeting, Ratifying Past Actions of Managing Member and/or Members