Overview of LLC Governance
An LLC governor manages the LLC on behalf of its members. Governors have a fiduciary duty to act in the best interests of the business and members. Members typically appoint governors and can remove them anytime.
Governors ensure the LLC operates under its articles of incorporation and members comply with the operating agreement. Members appoint governors, usually renewing them yearly. Governors can serve over five years unless otherwise agreed. Managers oversee daily LLC operations, carrying out board instructions. The LLC act requires “one or more persons exercising chief manager and treasurer functions." Managers must act in good faith and care for the LLC’s best interests.
Understanding the Role of a Governor in an LLC
An LLC governor manages an LLC. Governors handle management duties. Members appoint and can remove governors anytime.
The governor runs the business. Idaho, Washington, and Washington D.C. use “governor” for who runs an LLC. A single-member LLC can have a manager or member as governor. Members aren’t usually employees.
Registering an LLC in Idaho
Idaho was admitted to the Union on July 3, 1890. The governor and lieutenant governor’s terms are 4 years. The offices are elected in the January following the election. If the governor is unable to discharge duties, the lieutenant governor acts as governor.
To form an LLC in Idaho, choose a registered agent and file paperwork with the Secretary of State. Pay a $100 state filing fee.
LLCs offer flexible management structure. To start an LLC in Idaho, choose a name, registered agent and file formation paperwork. The position of governor is decided by the management structure. In a manager-managed LLC, the governor is a manager.