Forming an LLC in Iowa
Forming an LLC in Iowa in 7 easy steps
- When forming an LLC in Iowa, you must first pick a name for your LLC. The name must include an LLC identifier, such as “Limited Liability Company” or an abbreviation thereof. According to Iowa state law, you are not allowed to use the terms “Limited Partnership”, “L.P.” “Corporation”, “Corp.”, Incorporated”, or “Inc.”, in the name. You must also refrain from choosing a name that is already used by another LLC and names that violates trademarks.
- You are not required by Iowa state law to hire an attorney to form your LLC and setting up an LLC in Iowa is pretty straight forward. It can however be a good idea to hire an attorney to check your Operating Agreement, because a faulty Operating Agreement can lead to IRS problems for the LLC and its members in the future.
- Visit the Iowa State filing office, file the Articles of Organization and pay the filing fee. In Iowa, the minimum LLC filing fee is $50.00. (For 20 business days.)
- Arrange an Organizational Meeting where the members of the LLC formally adopt the Operating Agreement.
- Get a Federal Employer Identification Number (FEIN) for the LLC.
- Set up a bank account for the LLC.
- Apply for local business license and required permits from the cities and counties where you plan on doing business.
Maintaining an LLC in Iowa
In the state of Iowa, LLC’s must hand in an annual report before April 1st. If you hand in the report online, the report fee is only $30.00. If you hand in the report on paper, the report fee will instead be $45.00.
