Under the Idaho Uniform Liability Company Act (Idaho 30-6-101 et seq.) a limited liability company is not required to have a written operating agreement. However, such agreements are advisable so that problems with the management or operation of the company are later avoided. The operating agreement should be approved and signed by the members of the L.L.C. The operating agreement describes the formal management structure and procedures for the company. Therefore, it should be detailed and address among other things the following topics: a) company name and principal office, b) the purpose of the company, c) who the initial members are, what capital contribution they have each made, what percent of the company they each own, whether and how membership will be transferred, d) how the company will be managed and by who, e) when and how meetings will be conducted, f) how members vote and what percentage vote is required to approve action, g) how the books will be maintained, h) how profits and losses will be determined, and i) how the operating agreement may be amended. The operating agreement is an internal document and does not need to be filed or recorded with the state.