Fact number 1: Bylaw is the legal document Corporations use to govern their business structure and operations.
Fact number 2: Operating Agreement is used by a Limited Liability Company LLC to govern their business structure and operations. This document is extremely similar in nature to the bylaws of a Corporation.
Idaho state does not require bylaw for an Idaho Corporation, nor an Operating Agreement. Even though these are internal documents and re not filed with the state, it contains very important information related to the structure and management of the corporation or LLC.
You may be wondering why an Idaho single member LLC would waste their time with such a document? Because banks in Idaho will require them to open a business bank account. This is also true for credit unions.
The following may ask for a copy of your bylaws/operating agreement:
- A bank
- A person or business with which you are dealing
- Stockholders or investors of a corporation or members or investors (LLC)
- Title company