Starting an Idaho LLC may be just what you need to achieve your business goals. But to do so, you need to fill out an Idaho LLC operating agreement, set up a registered agent service, and do things like create a business bank account to separate the finances for your new limited liability company.
These things all take time and energy, which you may be better off spending focusing on your business. There are companies out there that can help with the Idaho LLC formation process for a relatively affordable fee.
We’ll highlight some of those in this article while also giving you in-depth, step-by-step instructions for getting your business licenses, filing your certificate of organization, and starting your Idaho limited liability company.
Keep reading to learn more.
Read More: How To Start A Business In Idaho 2024
An LLC is a kind of business entity, just like a sole proprietorship and a corporation. However, a member-managed LLC offers several benefits to LLC owners that make it a great option for things like protecting personal assets and getting approved for a business credit card.
We’ll cover more of these benefits in a later section. But for now, just know that if you’re an individual or business entity that’s looking for certain benefits with taxes and professional services, starting a limited company could be a good option.
Idaho LLCs have chosen to register their businesses in the state of Idaho instead of somewhere else. To do the same, you’ll need to file your paperwork with the Secretary of State or the Idaho Department of Business.
There are both single-member LLCs and multiple LLCs members that exist in this state. So you can start whichever you prefer as long as you get your Idaho LLC certificate and sign up for a federal employer identification number as well as an Idaho registered agent before you conduct business.
Read More: Best LLC Formation Services In Idaho 2024
If you want to start a limited liability company in Idaho, then there are a few key requirements to be aware of right off the bat. Here are two to keep in mind.
First; you’re going to need a registered agent. You can either act as your own registered agent or hire registered agent services.
Your LLC’s registered agent service is the official point of legal contact for the business. You have to have one so that people can get in touch with you with important legal paperwork if they need to do so.
When filling out your operating agreement and filing with the Idaho Secretary of State, you also need to choose an assumed business name that no other business owner in the state is already using. The Idaho Secretary of State and any other government agency won’t accept your application without solving this problem.
Filling out an operating agreement to start an Idaho LLC can be a beneficial decision for several reasons.
First, your personal assets will be protected from seizure in the event that your company has future financial struggles or issues with the IRS website and its business bank account.
In addition to personal liability protection that keeps your business finances separate, the tax structure of an LLC can also be highly beneficial. When you have limited liability status, you may be able to save some money when filing federal income taxes.
And finally, completing your certificate of organization to start an Idaho LLC will give you greater flexibility over how you operate your company while still complying with the Idaho Secretary of State and internal revenue service.
If you want to start your LLC in Idaho, then you can either pay $100 if filing online or $120 if filing by mail.
You will also need to submit an annual report to the Idaho Secretary of State each year in order to keep your operating agreement with them in good standing. But the good news is that there isn’t a filing fee for this.
Now that we’ve taken a basic look at filing a certificate of organization and operating agreements in Idaho, let’s take a closer look at what it takes to start a manager-managed LLC.
Here are six steps that you can use regardless of whether you have a foreign LLC that needs a physical street address in the state or a domestic one that’s already here.
The first step is to choose an LLC name. Here are two things to keep in mind about that process.
When choosing a business name in Idaho, you need to comply with these rules. These are basic, and not overly invasive in the state of Idaho, but is important to make sure you follow them while choosing an LLC name.
You also have to make sure that your desired business name isn’t already in use. You can visit this website to conduct a search in the state of Idaho that will tell you whether any other Idaho LLC has already filed a certificate of organization or applied for business licenses and sales tax information with that name.
Now you’re ready to select a registered agent (also sometimes called a statutory agent). This person will go to your official street and a mailing address for legal documents. They’ll also be featured on your Idaho certificate of organization and foreign registration statement if you create an organization online.
As we mentioned earlier, you can either hire a company to do this for you or act as your own statutory agent.
Read More: Best Idaho Registered Agent 2024
The next step is to file your initial organizational paperwork with the state. A foreign LLC will need to do this as well. Doing this gets the process rolling so that you can begin separating your personal and business finances, as well as start benefitting from personal asset protection as soon as possible.
Read More: Best LLC Formation Services 2024
Next, you need an operating agreement so that your new LLC can get a federal tax identification number and collect sales tax.
Your operating agreement is a document that outlines what your business is, how it’s structured, and some other key pieces of information that you may already have on your business website. You may need to pay the filing fee after you submit this if you haven’t already.
Next, you need an employer identification number in order to hire employees, set up worker’s compensation insurance, and start paying federal taxes. There’s another simple form to fill out and submit for this. You should be able to start applying for business licenses after your EIN has been set up.
Now all that’s left to do is to make sure you remain in good standing with the state by always paying your annual taxes. You can make a commitment to doing this on your LLC’s anniversary month if it makes sense for your company’s financial goals and helps you remember to pay on time.
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ZenBusiness is another excellent LLC formation service that deserves some consideration. It offers extremely affordable LLC formation packages, and even a free option if you pay the filing fee and hire them to be your registered agent.
ZenBusiness also offers after-hours customer support, which Northwest doesn’t. That means it could be a better fit if you like to do business outside of standard hours.
Plus, with ZenBusiness, you can get access to a wide variety of accounting, business advice, and taxation services, in addition, to help with starting your LLC. Those could come in handy throughout the lifespan of your company.
It’s hard to find a better option than Northwest if you want to create your LLC. This company makes it very easy to fill out your paperwork and get it submitted entirely online. They’ll take care of everything for you, and just ask you to provide the information.
There are some Northwest packages that allow you to form an LLC with their support for $0 except for your filing fee. But just keep in mind you may get diminished services or have to pay for something else in order to access these packages.
Northwest constantly has solid reviews and great customer service scores. It even has helpful online resources you can use to learn more about operating an LLC in the state of Idaho.
Starting an LLC isn’t for everyone. But if you have a business in Idaho and you’re looking to protect your personal assets, then creating a limited liability company could be the best way to do so.
LLCs also offer some nice benefits with management and profit-sharing flexibility, as well as taxation relief. If you want to take advantage of benefits like these, then you can either file the paperwork on your own or hire a company.
We hope that you got some value out of this guide. Be sure to check out the other resources on our site to learn more about operating a business in Idaho.
LLC is an acronym that stands for limited liability company. It’s a kind of business structure that offers some unique benefits for business owners.
When you create an LLC, you can look forward to greater protection for your personal assets, as well as improved management flexibility and taxation relief. There are many different ways that your company may benefit from being held as an LLC.
Yes, you don’t have to hire any company to help with the process if you don’t want to. But going through a provider may not be too expensive – especially if you need other services – and you could save a lot of time by doing so.
It costs $100 to file the paperwork online or $120 to do so via the mail. But the good news is that you don’t have to pay a filing fee when submitting your annual report in Idaho.
