We’ve put together a free step-by-step guide on how to set up an LLC in Idaho. We want you to have a clear idea of how to set up and manage an LLC for your state. We’ve tried to make sure you have the information you need right at your fingertips. Each step has instructions and links to the sites for you to fill out the forms in the correct order. So, let’s set up your Idaho LLC right now!
A few points to remember before setting up your LLC in Idaho
When you set up an LLC in Idaho you’ll need a few things before you get started. This section will help you get your checklist in order.
A Unique Business Name
Every business in the state must be unique. You’ll need to search for an Idaho LLC name. Go to the Idaho Secretary of State: Business Search to make sure yours is not taken.
An LLC Designator
You must have an LLC designator in your name in one of the following formats.
- LLC (most common)
- L.L.C.
- LC
- L.C.
- Ltd. Co.
- Limited Co.
- Ltd. Liability Co.
- Limited Company
- Ltd. Liability Company
- Limited Liability Co.
- Limited Liability Company
Now that you have your unique business name, it’s time to register it with the state of Hawaii. Let’s get down to business.
A Registered Agent
In most states, a registered agent is a person or a company that accepts “Service of Process” for your Idaho LLC. A registered agent will receive any subpoenas, notices, and other legal, and tax documents sent to your business by the Idaho State Tax Commission.
If you’re opening a business in Idaho but you aren’t a resident, you’ll need to get a registered agent in that state. The requirements for a registered agent are as follows:
An Individual:
- Must be 18 and be a resident of the state
- Must be authorized to do business in the state.
- Must have a physical street address located in Connecticut
A Company
- Must be authorized to do business in the state
If you meet the above criteria, you can be your own registered agent. Or you can set up a friend or family member to be your registered agent.
You can also hire a commercial Registered Agent. A company that provides their name and address to receive legal documents from the state.
Hot Tip
The nice part of using a company is that their address is used instead of yours. As the business address will be public knowledge. By using a registered agent, you can protect and secure your own address.
Step 1: Reserve Your Business Name
To Set up an LLC in Idaho you need to reserve your business name. This way during the process no one can steal the name of your company.
You’ll need to reserve your name at the Idaho Secretary of State: Business Names or by mail.
Step 2: File Your Certificate of Organization in Idaho
Setting up an LLC in Idaho is easy, especially for single-member LLCs. Just go directly and create an account with the Idaho SOSbiz Login.
Just create an account and register your LLC business even without a reservation. Easy Peasy!
If you don’t want to file online, you can download and fill out the Certificate of Organization here. It takes 7 to 10 days if filing online while 2 to 3 weeks if by mail to get the approval back.
Fees: In Idaho, the cost of setting up your LLC and filing the Certificate of Organization is $100.00 online and $120 by mail.
Step 3: Complete Your Idaho LLC Operating Agreement
An operating agreement is a key document used by LLCs and partnerships. It outlines the business’ financial and functional decisions including rules, regulations, and provisions. This describes how your LLC will operate internally. For more information on operating agreements, you can check out the Small Business Administration’s article on basic operating agreements.
Hot Tip
You are not required to file an Operating Agreement with your state. But it may be vital to have it, especially if there are multiple members of your LLC.
Step 4: Get Your Federal Tax ID Number (EIN)
Once your LLC has been approved it’s time to get your Federal Tax ID Number from the IRS.
Your EIN is the social security number of your business. Keep it well protected. You’ll use this number to open bank accounts, file tax documents, apply for loans and many other uses. It also protects your social security number when doing business with other businesses like merchant accounts, 1099s received etc.
To apply for your EIN you can go to IRS EIN/Tax ID Application. Make sure you pick the correct Business Entity Type.
Just a Note
You can only file online if you have a Social Security Number (SSN) or Taxpayer ID (ITIN). Otherwise, you’ll have to mail in the forms and wait for the response. If you don’t have an SSN, on Form SS-4, where it asks for your SSN, ITIN, or EIN (line 7b), write “Foreign”. Your EIN application will then be approved without the need for having an SSN.
Taxes, Permits, and Licensing in Idaho
To do business in Idaho you will need to file tax returns, and hold permits and licenses in your county or city.
Your Idaho LLC must file an Annual Report to keep your business up-to-date. There is no payment required for an annual report. Remember that failure to file will result in the administrative dissolution of your LLC.
Idaho LLC must apply for necessary business licenses and or permits. This depends a lot on the type of business and the location of your business. If so, go to Idaho: Licenses and Permits.
Aside from business licenses and permits, all LLCs must also pay appropriate taxes and meet obligations with the Idaho State Tax Commission.
Never miss a deadline
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Putting it All Together
Now that you can set up an LLC in Idaho online it shouldn’t take more than a week or two to get up and running. The Idaho Secretary of State’s website is very easy to navigate and following the five steps above will help you get your talents and ideas to market faster.
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