Boise Idaho Business Guide: Bylaws & Operating Agreement
Yes. An Idaho C and S-Corporation uses bylaws whereas an LLC uses an operating agreement. Bylaws are more formal than an operating agreement, but similar in nature. The bylaws are an important document that aids in legally separating owners from the company.
Corporate bylaws are required by banks to open a business checking or savings account, and to apply for lines of credit.
Common components of bylaws:
- Organization’s name, purpose and office location
- Board of directors
- Conflict of interest
- Amending bylaws
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