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Forming an LLC in Iowa
Forming an LLC in Iowa is not complicated, and if you dislike like paperwork you can always hire an incorporation company to carry out the process for you. Letting a legal expert take a look at the Operating Agreement is always a good idea when setting up an LLC, because an unsuitable Operating Agreement can cause IRS problems.
Forming an LLC in Iowa in 5 easy steps
- Start the process of forming an LLC in Iowa by selecting a suitable name for your company. According to Iowa state law, the company name must include an LLC identifier, i.e. “Limited Liability Company” or an abbreviation thereof. The name cannot be the same as a name used by another LLC, and your company name must of course avoid violating any trademark. The name of an LLC formed in Iowa cannot contain the terms “Corporation”, “Corp.”, Incorporated”, “Inc.”, “Limited Partnership” or “L.P.”.
- During step two, it is time to file the Articles of Organization at the Iowa State filing office.
- Step three is to have an organizational meeting where the members of the LLC adopt an Operating Agreement.
- Step four is to acquire a Federal Employer Identification Number (FEIN) and arrange a bank account for the new LLC.
- Step five is to get local business licenses from each city or county in which the LLC plans to be active.
Important facts to take into consideration before forming an LLC in Iowa
- The minimum LLC filing fee is no more than $50.00 in Iowa. (For 20 business days.)
- The Annual Report is due before April 1st each year. If you hand in the report online, the report fee is $30.00. Handing in a traditional paper report is more expensive: the fee is $45.00.
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