How To Form an LLC In Idaho
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1. Choose a Name for Your Idaho Limited Liability Company
Check for an Available Name for the LLC in Idaho: When making preparations to form an LLC in Idaho, you must choose a unique name for your company. Start by searching databases online and searching other records so that you can be sure that the name that you want to use for your LLC is available and not in use by another LLC in Idaho. You can search a state business entity database online at the official website of the Idaho Secretary of State at Idaho LLC.
Reserve a Name for Your Idaho LLC: Reserving a name for your LLC is not required before you file in Idaho. However, if you want to reserve a name before the time that you can file you should submit a name reservation application to the Idaho Secretary of State. You can find and download the application form online at Idaho LLC. The name that you submit on your application will then be reserved in the state of Idaho for 4 months. The filing fee will be $20.00.
Filing for Trademarks Protection and Doing an LLC Name Search: When searching databases and other records in Idaho, you may find that the name that you want to use for your LLC is available in Idaho but in use by another company in another state. There may be restrictions on how you use the name that you want to use for your LLC. You can find helpful information about choosing a name for your LLC here: how to choose a name for your llc.
Idaho LLC Name Requirements: Remember that in Idaho, the name that you use for your LLC must include the designation "LLC," “L.L.C.,” “L.C.,” “Limited Company,” or "Limited Liability Company." Remember also that the term “LLC” stands for “Limited Liability Company,” and not “LLC Corporation, “Limited Liability Corporation,” or anything related to a corporation. LLCs are set up differently than corporations and are a distinct type of business entity.
2. Find a Registered Agent in Idaho
When making preparations to form your Idaho LLC, you must select a registered agent that will act as an agent for service of process and will receive all tax documents, legal notices, and other official notices for your company. You may choose to use a corporate service company that provides registered agent services to LLCs. These companies generally charge a fee of between about $75.00 and $150.00 for these services.
3. File a Certificate of Organization with the Idaho Secretary of State
Minimum Requirements for the Certificate of Organization: The Certificate of Organization that you file for your Idaho LLC must contain the name of your LLC, the mailing address of your main office, the name and address of your registered agent, the name and address of at least one manager, and the signature of a manager or other authorized person. You can download a form for this document online at Idaho LLC.
Other Idaho Legal Provisions: When creating a Certificate of Organization for your LLC, consider including additional clauses besides the minimum requirements listed above. You should probably consult a lawyer for help when you are creating your Certificate of Organization so that you can include the additional clauses that are relevant and beneficial for your company.
Where to Submit the Certificate of Organization for Filing: You should mail your Certificate of Organization to Office of the Secretary of State, 450 N 4th Street, PO Box 83720, Boise ID 83720-0080.
Filing Fee: The fee to file a Certificate of Organization in Idaho is $100.00.
4. Form an Idaho Limited Liability Company Agreement (Operating Agreement)
After forming your Idaho LLC by filing a Certificate of Organization, you must create an LLC Agreement that governs all of the aspects of your LLC as well as actions between the members of the LLC. This Agreement must be signed by each member of your LLC. LLCs are generally operated more simply than corporations are. The details of the LLC Agreement that you create for your company depend on factors such as how many people are involved, how much money is being invested, how the money will be distributed, and whether the company will be managed by a manager or by the members of the LLC. The details of your LLC Agreement also depend on the purpose of your LLC. The LLC Agreement for an LLC that will be used to operate a retail store may be very different than the LLC Agreement for an LLC that will be used to own and develop real estate. You should consult a lawyer and an accountant for help in creating your LLC Agreement so that you can be sure that you are in compliance with all state requirements and federal tax laws.
After forming your Idaho LLC you must prepare to make securities filings, obtain an EIN from the IRS, and obtain a business license in the locale where you will be conducting business. There are corporate services companies that charge a fee to make these kinds of filings for you. You can find helpful information about how you can get a business license in your city through our online guide at http://www.cityapplications.com/business-licenses.html.
5. Qualify your Idaho LLC to Do Business in Other States
You must check to see how you can register or qualify your LLC to do business in your home state if your main office is located outside of Idaho. In most states, LLCs need to register or qualify in order to do business there. You need to pay taxes in your home state when you do business in most other states. You can find information about how you can qualify your LLC to do business in other states at [Qualifying to Do Business in Other States].
6. Make Annual Filings and Pay Annual Taxes in Idaho
The state of Idaho requires an annual report for all LLCs. You can file your annual report online at Idaho LLC. You will also need to file a tax report and pay taxes yearly once you have registered your LLC in the state of Idaho. You can visit the official website of the Idaho State Tax Commission at Idaho LLC to find information about the taxes that will apply to your LLC and to download tax forms.
Forming an LLC can be complicated, especially if there is more than one person involved. You should consult an accountant and an attorney for help during this process so that you can feel more confident that an LLC is right for your company and that all your paperwork is being processed correctly.
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This site is for informational purposes only and does not constitute legal, financial or tax advise. The information on this site should not be relied upon as an official source of information and should be independently verified.