Your Idaho LLC should contain any of the following words in the actual business name: ‘Limited Liability Company’ or ‘Limited Company’ or any of its abbreviation: ‘L.L.C.’, ‘LLC’, or ‘LC’. When filing an Idaho LLC, you must come up with a unique name for your business.
From there, you should check its availability with the use of the business name search tool provided by the Secretary of State of Idaho to ensure that there is no duplicate. When the name is available, a Reservation of Legal Entity Name can be done, which lasts up to four months.
Filing Fee: $20
You cannot do without a Registered Agent when starting an LLC in Idaho because this is a state -required obligation. There are criteria to be observed when hiring an ID LLC agent, and this must be strictly observed to file your incorporation process:
(1) a duly registered individual/business entity in the state of Idaho; (2) a physical address within the state must be provided; (3) should consent to accepting all legal documentations from the state in behalf of the business.
That said, you can hire a Registered Agent service and pay up to $160/year, or get an Idaho Registered Agent free of charge when you incorporate your LLC with IncFile.
To become a legal business entity, you must register an LLC in Idaho by filing an Articles of Organization. You are to submit your Idaho LLC filing to the Secretary of State.
The Certificate of Organization Limited Liability Company should be downloaded and filled out before it is submitted. Information such as LLC name and address as well as co-owners names and addresses must be provided on the form. As soon as you file your Certificate of Organization, you must wait for a week or ten days to have it returned to you.
Fee for filing the Idaho LLC Certificate of Organization: $100 payable to the State of Idaho
When you are to operate an Idaho LLC, you also need to have an Idaho LLC EIN. An Employer Identification Number (EIN) is a 9-series number that is used by the IRS and the federal and state government to monitor your activities as a legal business entity.
Every Idaho business owner who wants to operate legally will have to obtain an Idaho EIN. An EIN is free if you get it through the IRS website.
While starting and running a business in Idaho, keeping your business and personal finances separate is important. The most effective way to do this is to open a business checking account.
A separate bank account will keep all your finances separate, which makes tax time much easier to manage. For a quick look at some of our favorite places to bank, see this review.
While the steps you have taken above help you become a legal Idaho LLC entity, the steps in this section help you to operate legally in the state. All steps, whether recommended or required, are provided to give your business the boost to success it needs.
It is the aspiration of a new Idaho LLC entrepreneur to bring his business to the pinnacle of success. While there is nothing impossible, increasing the probability of this happening can be done with the help of a solid business plan.
It is your business plan that sets a path towards success when starting an Idaho business. You do not need be an expert writer to create one. With the help of the resource and tool below, you can get starting on writing a solid plan now.
When you’re incorporating an LLC in Idaho, you must be aware of all paperwork to be completed for Idaho LLC tax and Idaho business licenses. Fulfilling these obligations is critical to the success of your venture long term so make it your business to be in the know about what you should complete.
For your Idaho LLC taxes, you can refer to our Idaho Business Taxes Guide for an idea of what needs to be complied.
In the same way that you need to comply with business taxes when starting an LLC in Idaho, you must also be mindful of your Idaho business license requirements. Depending on the business nature and structure, different sets of business licenses apply. Refer to the Idaho Business Licenses and Regulations Guide for an idea on how to go about your business licenses requirements.
As part of maintaining an LLC in Idaho, you must file an Annual Report from the moment your Idaho LLC starts operations throughout its entire lifetime.
An online filing is done, and there is no cost to file for this requirement. The details of your Annual Report will be mailed to you by the Secretary of State through your Registered Agent.
An LLC Operating Agreement is not mandatory when registering a business in the state, but its importance to your LLC cannot be disregarded either. On top of its importance is the security of your limited liability status.
This document provides a solid structure on the financial and operational relationships among owners of the LLC. A pre-made Operating Agreement is available in Rocket Lawyer. You only need to customize this according to your business requirements, and it should hold up as your own Operating Agreement.
In the internet age, it is important to have a website for your Idaho LLC. This is a huge credibility factor and helps earn trust from your potential customers.
Although building a website was extremely difficult to do in the early 2000’s, you can now use a simple and free platform like WordPress. You can build a website yourself through this free guide.
This guide is meant for informational purposes only. Please consult the expertise of your lawyer should you need further clarifications on Idaho LLC or starting a new business in Idaho.