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Forming an LLC in Idaho
Forming an LLC in Idaho is not an arduous task and most people can take care of the necessary paper work on their own, but if you are a busy business man, you may want to consider hiring one of the many incorporation companies that handles LLC formations in Idaho. For those who decide to do the work themselves, it is always a good idea to get an attorney to check the Operating Agreement, because improper Operating Agreements can lead to problems with the IRS.
Forming an LLC in Idaho in 5 easy steps
- When forming an LLC in Idaho, the first step is to select a suitable name. The name cannot be the same as the name of another LLC and it must of course avoid violating any trademarks. According to Idaho state law, the name of the LLC must contain an LLC identifier, e.g. “Limited Liability Company”, “Ltd Liability Co” or “LLC”. When the term “company” or any of its abbreviations is used, it cannot be immediately preceded by the word “and” or any sign, symbol or abbreviation that represents the term “and”.
- The next step is to file the Articles of Organization at the Idaho State filing office.
- Once the Articles of Organization are filled it's time for the members of the LLC to hold an organizational meeting where the Operating Agreement can be formally adopted.
- Step four involves getting a Federal Employer Identification Number (FEIN) and arrange for a bank account to be opened for the new LLC.
- The final step is to obtain the necessary local business licenses for each city or county that the LLC will be active in.
Important facts to take into consideration before forming an LLC in Idaho
- The minimum filing fee for Idaho is $100.00. (For 20 business days.)
- The annual report will be due on the month of the original filing each year. Forming an LLC in Idaho means that you never have to pay any annual report fees.
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