To secure and register your brand name it must be unique, not too similar to another registered name in Idaho, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the state and if there are potential trademark issues conduct another using the TESS System through the U.S. Patent Office.
Keep in mind your LLC name should contain the words ‘Limited Liability Company’ or ‘Limited Company’. Abbreviations for these words like ‘L.C.’ or ‘L.L.C’ are also acceptable. If needed, a Reservation of Legal Entity Name can be filed to reserve an available name for 120 days.
Filing Fee: $20
An Idaho Registered Agent receives and helps to handle/process all official documents like state filings, tax forms, legal notices, and so forth. Along with being an agent you can trust to be timely, here are the other qualifications:
To become a legal business entity, or ‘make it official,’ you must file an LLC Certification of Organization with the Secretary of State. It’s a declarative statement for the public record that discloses some of the basics of your company, so don’t file until ready!
Download the form, read it very carefully, properly fill it out then submit. As soon as you file your Certificate of Organization, you must wait for a week to ten days to have it returned to you for your records.
Filing Fee: $100
An EIN, or Employer Identification Number, is a 9-series number used by the IRS and other relevant federal/state agencies to monitor your activities as a legal business entity. Similar to social security numbers for individuals but this allows your business to open bank accounts, hire employees, etc.
You can quickly get yours free of charge through the IRS Website.
The two critical reasons to open a unique business bank account are first, the many perks/incentives/kickbacks banks and lending institutions are offering these days. There’s a decent amount so be sure and shop around with local, state and national banks and credit unions if you aren’t familiar.
The second has to do with making your finances easier by syncing the single account with a small business accounting software, and adding a huge layer of protection by being separated from any other business/personal accounts.
No, you do not have to have this document by law. But, we along with any decent business consultant will tell you to have one even if you’re an entrepreneur because Idaho’s default rules take over if one isn’t in place. It also provides your LLC status with some protection, and lays out on paper managerial/ownership financial duties, rights, and responsibilities along with basic rules of operation. Pretty important, right?
To get started, consider checking out this nifty Operating Agreement Tool which you can customize yourself.
Very few people enjoy this red-tape-filled step but once you get it done and over with you can officially celebrate. Thankfully the regulatory environment in the great state of Idaho isn’t as bad as say, New York or Chicago’s.
To get started bookmark the Boise district office of the Small Business Administration, and Idaho.gov’s Business Services page because they’re likely going to be go-to sources for a variety of things along the way. If you need help with this step, consider leveraging professional Business License Research packages that can quickly source all needed forms for you.
We’re not shy about the fact that we, along with a good percentage of our startup community are big fans of modern business planning. Instead of the mammoth 40-page headaches of old, we believe in streamlined presentation-ready plans that focus on core fundamentals.
After interviewing a small army of entrepreneurs we got a much clearer understanding of why business planning is so critical. Not for all business owners and their teams, but a good portion. Why? Because of the structure they provide and how much they reinforce things like follow-through, company culture, and how a brand responds to challenges.
QUICK LINKS TO BUSINESS PLANNING
If you already have started building a website for your brand, that’s great! If you have experience getting functional-responsive sites put together, even better! If not, don’t fret, it’s getting easier and more affordable every year.
Business website builders like Wix, SquareSpace, and Weebly have taken the process to a whole new level. If you’re interested, check out our reviews and grab a free trial to the one that catches your eye. These three are a few of our favorite resources on building a business website.
Note that this article on how to form an LLC in Idaho isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form an LLC in Idaho or business in general, please consult with a lawyer or other accredited professional.