How much does an LLC cost in Idaho? (details)
Forming an Idaho LLC entails more than just paying the first filing fee; it doesn't have to be extremely expensive.
We outline all up-front and continuing costs for an Idaho LLC and advise how to cut these out of the budget successfully.
How Much Does It Cost to Start an LLC in Idaho?
There is a $100 filing fee for the Certificate of Organization with the Secretary of State when forming an LLC in Idaho.
This is an important step in creating your LLC's legal standing, which will allow it to function under Idaho regulations if approved.
Apart from the LLC filing fee mentioned above, additional expenses are associated with establishing an Idaho LLC (Limited Liability Company).
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Costs of Forming an Idaho LLC
Forming an LLC includes a one-time state filing fee of $100.
There may also be ongoing fees, such as an Annual Report or Business License, which we will discuss below.
LLC Costs in Idaho
| Requirement | Cost |
|---|---|
| LLC Name | $0 |
| Registered Agent | $0 or $125 per year |
| Articles of Organization | $100 |
| Operating Agreement | $0 (free on our site) |
| EIN Number | $0 (free to the IRS) |
| Annual Report | $0 |
| Taxes | varies (filed and/or paid every year) |
The filing fee for an Idaho LLC Certificate of Organization is $100
In Idaho, forming an LLC requires paying the Secretary of State a $100 filing fee for the Idaho Certificate of Organization. This paper creates your LLC legally if it is accepted.
After formation, you only need to pay the $100 one-time charge; after that, you won't need to pay any more monthly or yearly fees to keep your Idaho LLC active.
✎ Note:
LLCs represent the predominant business structure in Idaho, chosen for their robust liability protection afforded to owners, making them highly favored among business entities.
The form used to establish an LLC can vary by state; it may be referred to as the Certificate of Organization.
In Idaho, it is specifically known as the Certificate of Organization. Despite these variations in naming, they all serve the same purpose to legally create your LLC.
Reserving a business name in Idaho entails a fee of $0
The creation of your Idaho LLC Name Reservation is completed simultaneously if you want to file online. An additional $0 filing fee is required for an online name reservation when filing online.
If you want to file by mail, remember to include the Name Reservation with your application.
But before forming your LLC, you have to wait for the Name Reservation to be approved. Even though filing by mail can save you a few bucks, it can take longer to form your LLC.
How much does a DBA cost? ($25)
In Idaho, a DBA is filed with the town clerk rather than the Secretary of State. Therefore, the cost of a DBA will vary depending on the town where your LLC is doing business.
✎ Note:
A DBA, also known as a Trade Name, Fictitious Name, Assumed Name, or Fictitious Business Name, refers to the same concept.
â Tip:
Obtaining a DBA for your LLC is optional and not a requirement.
Idaho Registered Agent Fee ($0 to $125/ annually)
Under Idaho law, every LLC formation requires the appointment of a Registered Agent.
Your Idaho Registered Agent acts as the liaison for legal documents and state notifications on behalf of your LLC, necessitating a physical address within the state and availability during regular business hours.
You can appoint yourself, a trusted associate, or a family member as your Registered Agent without incurring additional expenses.
Alternatively, hiring a Registered Agent service costs between $100 and $300 per year. These services offer additional business support and safeguard your privacy.
Hiring a Registered Agent service is a good idea if:
- You lack a physical address in the state (Idaho law mandates Registered Agents to have an address within the state).
- You prefer to keep your address private (some companies allow you to use their address for confidentiality).
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LLC Operating Agreement Fee ($0)
An Idaho LLC Operating Agreement functions as a written contract among the LLC's members. It outlines specific details regarding ownership, how the LLC is managed, and the distribution of profits.
Both Single-Member and Multi-Member LLCs should create an Operating Agreement, maintain it within their business records, and provide each member with a copy.
Online services generally charge between $50 to $200 for crafting an LLC Operating Agreement.
LLC EIN Number Fee ($0)
An EIN, also referred to as an Employer Identification Number or FEIN (Federal Employer Identification Number), is essential for handling tax filings, setting up an LLC bank account, and potentially facilitating employee hiring.
While some platforms may charge a fee, you can obtain an EIN for your LLC free of charge directly from the IRS. The process to apply online is simple and typically takes only a few minutes to complete.
Idaho LLC Annual Report Fee ($0/year)
In Idaho, the LLC Annual Report is referred to as the Periodic Report.
The state requires you to keep your LLC's information up to date by filing an Idaho Periodic Report annually.
This keeps your LLC in good standing and compliance with state law so it can continue operating. You simply confirm the information on your Periodic Report, file it with the Idaho Secretary of State, and pay the Periodic Report filing fee.
The Idaho LLC Periodic Report is free annually. These costs are required each year for the duration of your LLC's existence.
✎ Note:
Other business entities may file different reports, but LLCs only need to file the Periodic Report each year.
Idaho Business License and Permit Fees
The locations and industry sectors in which your LLC operates in Idaho may require you to apply for additional business licenses or permits. For your LLC's specific operating area, for example, it may be necessary to obtain a city business permit.
Location and industry specifics can affect the cost of these licenses or permits. These costs are usually fair. Local governments such as towns, cities, or counties are responsible for administering some licenses and permits, while the state issues others.
LLC Taxes
Idaho LLC owners face a range of tax obligations, leading to varying annual costs.
Some of the taxes LLC owners pay include:
- Federal taxes
- State income tax
- Local income tax
- Business taxes
- Self-employment taxes
- Sales and use tax
- Payroll tax (if you have employees)
- Property tax (if the LLC owns property)
The Taxes of Your Idaho LLC taxes are affected by your industry and business activities, making it difficult to predict. Every business is different, and the taxes your LLC owes depend on your specific situation.
✎ Note:
Typically, a Single-Member LLC is taxed similarly to a Sole Proprietorship, while a Multi-Member LLC is taxed similarly to a Partnership.
Hiring an Accountant
Accounting fees can vary, but in general, expect to pay about $300 a year for basic tax returns and up to $900 for more comprehensive filings.
The best person to help you determine your small business tax liability in Idaho is a certified accountant.
While accounting costs can vary, you should generally budget $300 for simple tax returns and up to $900 for more complicated filings annually.
✎ Note:
Accounting fees can vary, but in general, expect to pay about $300 a year for basic tax returns and up to $900 for more comprehensive filings. We recommend speaking with a few Idaho accountants to make sure they can help you with all of your local, state, and federal tax needs. For more advice, see our comprehensive guide on how to find an accountant.
Need to save time?
Consider hiring a professional to set up your LLC: Northwest Registered Agent offers LLC formation services starting at $39 plus the state fee.
(Find out why Northwest is the top choice for LLC formation)
Idaho Secretary of State
If you're curious about the expenses involved in starting an Idaho LLC, feel free to contact the Idaho Secretary of State for detailed information.
Idaho LLC Costs FAQs
How much does it cost to open an LLC in Idaho?
It costs $100 to start an Idaho LLC. This is a one-time filing fee for the LLC Certificate of Organization, the document that creates your business entity with the state.
How much does an LLC in Idaho cost per year?
If you hire a Registered Agent service, youâll have an annual subscription fee to pay each year. This is usually about $125 per year.
All Idaho LLCs need to file an Annual Report each year. But thereâs no fee to file this information report. Some states charge a fee for the LLC Annual Report, but Idaho doesnât â the filing fee is $0.
Some LLCs may need a business license in Idaho. This depends on your industry and where your LLC is located. Youâll need to check with your municipality to see if there are any annual renewal fees for the business permit.
Should I hire an LLC formation service for Idaho?
You arenât required to hire a professional service company to form your Idaho LLC. Youâre allowed to do the Idaho LLC formation process yourself if youâd like.
Do I need to hire an attorney to form an LLC in Idaho?
No, you arenât required to hire an attorney to form your LLC in Idaho. Youâre allowed to form your LLC yourself if youâd like.
However, some people may want to hire an attorney if their LLC has a complex ownership or management structure, has investors, or requires industry-specific documentation. A business attorney usually charges between $800 and $2,500 to form an LLC.
How do I start an LLC in Idaho?
Here are the steps to starting an LLC in Idaho:
- Choose an LLC business name and make sure itâs available
- Choose who will be your Idaho Registered Agent
- File the Idaho Certificate of Organization
- Complete and sign an LLC Operating Agreement
- Get a Tax ID Number (EIN) from the IRS
- Open an LLC bank account
- Check whether you need a business or sales tax license in Idaho
Whatâs the cheapest way to start an LLC in Idaho?
You can get an LLC cheaply by filing your formation documents yourself. Youâll also save money by being your Registered Agent and using our free LLC Operating Agreement template. By forming your LLC yourself, being your Registered Agent, and using our Operating Agreement template, you can save over $400.
How long does it take to get an LLC in Idaho?
How long it takes to get an LLC in Idaho depends on how you file your Certificate of Organization. You can get an LLC in Idaho approved in 5-7 business days (if you file by mail, add transit time for the mail process).
How much does an Idaho business bank account cost?
It varies. Some banks charge monthly fees ($10 to $20 per month), but these can sometimes be avoided by meeting certain requirements. For example, if you make a certain number of direct deposits or maintain a specified minimum balance, then theyâll waive the monthly fees. You might be able to find a bank that doesnât charge any monthly fees. Before you open your LLC business bank account, we recommend calling and asking if there are ways to avoid the monthly maintenance fees.
How much is a Foreign LLC in Idaho?
A Foreign LLC is an LLC formed in another state that must register (aka Foreign Qualify) in Idaho. The cost is $100 to file the Foreign Registration Statement for an Idaho Foreign LLC.
Is Idaho a good state for an LLC?
Yes, Idaho is a great state to start a business. Idaho doesnât charge a state business license fee, has quick approval times, and helpful representatives at the Secretary of State if you have questions. However, the most important factors in deciding where to start a business are where you live and where youâre doing business.
If you live in or do business in Idaho, then you should start your business in Idaho. Forming your LLC in another state may lead to more costs and complications.