Forming an LLC in Idaho
Forming an LLC in Idaho in 7 easy steps
- Step one is the come up with a suitable name for your LLC. In order to adhere to Idaho state law, the term “company” or any of its abbreviations cannot be immediately preceded by the word “and” or any sign, symbol or abbreviation that represents the term “and”. You must also make sure that your company name includes an LLC identifier, such as “Limited Liability Company”, “Ltd Liability Co” or “LLC”. You must naturally refrain from trademark violations and from using a name already in use by another LLC.
- Hiring an attorney to help you set up you LLC is not required by Iowa state law. It can however be a good idea to let an attorney read through your Operating Agreement since faulty Operating Agreements are known to cause IRS troubles for LLC’s. Paying an attorney to check your Operating Agreement doesn’t have to be very expensive and it can save you a lot of money in the long run.
- Proceed to the Idaho State filing office where you will file the Articles of Organization for your LLC and pay the filing fee. When forming an LLC in Idaho, the minimum filing fee is $100. (For 20 business days.)
- Arrange an Organizational Meeting where the Operating Agreement is formally adopted by the members (owners) of the LLC.
- Obtain a Federal Employer Identification Number (FEIN) for your company.
- Open up a bank account for your company.
- Determine in which city/cities or county/counties you plan on being active and apply for any required local business licenses and permits.
Maintaining an LLC in Idaho
Limited Liability Companies in Idaho are required to hand in an annual report. The report is due on the month of the original filing each year. Unlike the situation in most other states, LLC’s does not have to pay any annual report fee in Idaho.
