Form an LLC in Idaho with Inc Authority for Free

The first step toward starting a new business is to come up with a business idea and choose a niche. This should be as specific as possible, catering to a specific audience, and depend on your areas of expertise and capabilities.

You’ll need to conduct in-depth market research and competitor research to check whether your chosen niche is profitable and your business idea feasible. Test a few different ideas and then choose the one that makes the most sense.

Once you’ve decided what you want to do, it’s time to figure out how you’ll do it effectively. You need a solid business plan for that. This should be backed by all the research you conducted at the first step of the process.

Your business plan should include all details about what your company will do, who it will serve, and what need it will satisfy. It should also include your go-to-market strategy, marketing plans, and short-term financial plans and projections.

When you’re ready with a solid business plan, you can start the registration process of starting an Idaho LLC. The first step for starting that process would be to choose an official business name for your Limited Liability Company in Idaho.

Check the naming convention for Idaho and follow the guidelines, which may include adding words like LLC or limited to your business name. Make sure that your chosen name is unique, memorable, and representative of your business.

Sometimes there may be unforeseen delays in starting your business. In such cases, it’s prudent to reserve your business name to prevent it from being used by others. You can do so by filing an online application with a $20 filing fee.

This will allow you to reserve the name for 4 months. Once that’s done, we also recommend you find and secure a domain name for your business website. This should match your chosen business name for your Idaho LLC.

Every business, whether it’s an LLC or a Corporation, should have a registered agent, irrespective of whether it’s required by law or not. Having one makes your life easier and ensures that you get all important legal documents on time.

The registered agent will be responsible for receiving all legal documents on your behalf and notifying you of any upcoming compliance requirements and deadlines. This ensures that your business stays in good standing with the state.

There are two main types of LLCs you can start—a foreign LLC or a domestic LLC. At this stage, you should be clear on which one you need to start and that will depend on whether you are starting a new business or expanding one.

If you already have an LLC in another state and merely want to expand your business to Idaho, you’ll need to start a foreign LLC. If you want to start a new business by registering an LLC in Idaho then you need a domestic LLC.

An LLC operating agreement is a legal document that contains all relevant information on how an LLC will be governed. It lays down the rules for decision-making, succession planning, and resolving disputes and conflicts among members.

Though it’s not a necessary requirement for forming an LLC, it is still recommended you have one. This will help streamline your day-to-day business operations and smoothen the process of making strategic and routine business decisions.

The most important step in this process is registering your LLC with Idaho’s Secretary of State. You can do this simply by filing an online LLC application via the SOSBiz portal and submitting your LLC’s Certificate of Organization.

You can also choose to submit your application manually, but you’ll need to pay $20 extra for manual filing. The state of Idaho also offers expedited processing options, including the same-day processing, which costs $100.

An EIN of Tax ID is similar to a social security number but for a business. It’s what the government and the Internal Revenue Service (IRS) use to identify a business for tax purposes and track its tax filings, annual reports, and more.

You will need to submit an application to the federal government to get an EIN for your business. This will be required for opening a business bank account, hiring employees, paying taxes, and various other business-related tasks.

Every business must have its own bank account that’s separate from those of its owners. If you want to keep the personal finances of LLC members separate from those of your Idaho LLC, then this is a necessary step in the process.

Do your own research to find the best banking solutions for your business. Understand the various types of bank accounts you can open and their benefits and drawbacks. Then, make the best choice based on your business requirements.

Before you can start operating your LLC in Idaho, you need to ensure that you have all the necessary licenses and permits to run your business. The requirements will vary depending on the location and type of business you will run.

For example, you may need professional licenses if you start a professional Limited Liability Company in Idaho. Similarly, if you open a food-related business, you may need food permits. Find out the requirements and get these licenses.

One of the biggest advantages of forming an LLC in Idaho is that you can choose how you want your business to be taxed. By default, a single-member LLC will be treated as a Sole Proprietorship and a multi-member LLC as a Partnership.

However, if you want your Limited Liability Company in Idaho to be taxed as an S-Corp or a C-Corp, then you can do so. You can also start with the default tax classification and opt for a different tax status later if the need arises.

In most states, LLCs are required to add certain words like “limited” or “LLC” to their business name to clearly identify the business as an LLC. This can cause the business name to become too long or not good enough for branding purposes.

In such cases, LLC members can choose to file for a Doing Business As (DBA), also known as an assumed business name. You can go for a short, memorable LLC name that will serve well for marketing and branding purposes.

Once you start an LLC in Idaho, you need to make sure that you meet all ongoing compliance requirements and stay in good standing with the state. Not meeting the guidelines may result in penalties or dissolution of the business.

The most important requirements are paying taxes and filing an annual report on time. LLCs in Idaho don’t need to pay corporate taxes, so the business income will to the owners who will file personal income tax returns on their incomes.

Here are the features you’ll get with this plan:

• Business name search: Inc Authority offers a free online business name search tool that you can use to check whether your chosen LLC name is available. It will show you if any other businesses have similar names.

• 1-year registered agent services: Even with the free plan, Inc Authority offers complimentary services. These include free registered agent services for the first year, after which you can choose to continue with the paid service.

• Online document management: When you start an account with Inc Authority, you get free online document storage space. You can use it to store important business documents and easily access them anytime, anywhere.

• Tax consultation: Every client of Inc Authority, even those on the free plan, can get a brief tax consultation with an expert. They can ask questions and learn how to manage their taxes effectively and get the maximum tax savings.

• LLC formation: The core service that Inc Authority offers is business formation. It will help you prepare and file your LLC application with the Idaho Secretary of State and get your LLC started in a quick, hassle-free manner.

• S-Corp election and filing: If you want the special S-Corp tax status to save on taxes or for other reasons, then Inc Authority can help with that as well. Its team will help you file the S-election form and get you the S-Corp status.

The free plan not only offers LLC formation service, but a plethora of other free services as well. It’s perfect for bootstrapped entrepreneurs looking to start a new business in an affordable way.

Price: Free

Here are the additional services you’ll get with this plan:

• LLC operating agreement: Every LLC should have an LLC operating agreement and Inc Authority can help with that. It offers ready-to-use templates and help in creating a comprehensive agreement for your LLC.

• Employer Identification Number: The company assists with obtaining an Employer Identification Number. This includes the preparation and filing of the application, along with expedited filing options for its clients. 

• Corporate forms and documents package: During the course of business, you will need to prepare several business documents and agreements. This plan gives you access to various templates to prepare such documents.

• Annual compliance notifications: When you run a business, it’s important to follow all the state and federal guidelines. Inc Authority will help you stay compliant by sending timely notifications for any upcoming deadlines.

• Detailed tax consultation: While you get a brief tax consultation with the free plan, with this plan you can get a more detailed one. You’ll get access to a dedicated tax consultant who will take care of your tax planning needs.

• Web domain + 5 business email addresses: As a new business owner, you need to create a website to let potential clients know about your business. Inc Authority has tie-ups with web design companies to help you out.

This plan is perfect for users who want a few add-on services, in addition to the basic LLC formation service. 

Price: Custom

Here are the additional services you’ll get over the Starter plan:

• Customer success advisor: Every client on this plan gets access to a dedicated customer success advisor. They’ll be responsible for helping you with all aspects of your business and guide you through ways in which Inc Authority can help.

• Private banking specialist: You will also get access to a banking specialist who will help you identify your banking needs. They will also help you find the best banking solution for your business and personal banking needs.

• Personalized business advisory: This is a premium service where you can seek personalized advice and consultation from experts in various business-related aspects. This is not limited to a single consultation.

• Expedited preparation & filing: Lastly, the biggest advantage of choosing this plan is that you get priority service. Your application will get to the top of the pile and Inc Authority’s team will file your application within the same day.

This plan is perfect for those who want premium, personalized services and prefer to be treated on priority. As Inc Authority’s top-tier client, any requests you have will be taken care of on priority.

Price: Custom