An ultimate guide to start an LLC in the state of Idaho
LLC Registration in Idaho-A limited liability company is a kind of a business formation, structure to conduct business under a company is registered with the Idaho Secretary of State. It is also called “hybrid” entity because LLC has both partnerships and corporations’ features. It provides asset protection to the members of the LLC. A member of an LLC can either be a person or a legal entity, such as a corporation.
Information to be provided to in the Certificate of Organization to incorporate an LLC in Idaho
- Name of the Limited Liability Company including an extension next to the name such as the words Limited Liability Company, Limited Company, L.L.C, LLC or LC.
- The complete street and mailing address of the principal office, it should be a street address.
- The registered agent address and the address cannot be a post office box or a postal mail box.
- The name and address of the governor of the Limited Liability Company.
- Mailing address of the future correspondence to send notifications for the deadlines such as tax filings and filing annual report.
Operating Agreement- LLC is controlled and managed by an operating agreement. It will not be submitted with the articles to the Idaho Secretary of State, because it for the management use only.
Getting an Employer Identification Number- It is used to open a bank account and filing taxes, and Internal Revenue Service issues it.
- Sales and/or use tax
- Income tax withholding
- Unemployment tax
- Boise Auditorium District tax
- Travel and Convention tax
Business Permits in Idaho- You may have to apply for the following permits in order to conduct business in the state of Idaho.
How to file taxes?
- Single member LLC files a form 1040 to report profit or loss from the business. It is also called a pass-through entity, means profits and losses, transfers to personal taxes for the tax purposes.
- Multi member LLC files Form 1065 and report profits or losses as a partnership or a corporation.
- The LLC is treated an S Corporation files form 1120S and C Corporation files a Form 1120.
Registering an LLC as a Non US Resident
A Non US Resident is also eligible to incorporate an LLC in the state of Idaho without a Social Security Number.
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