Idaho LLC Cost
The primary cost to start an LLC in Idaho is the state registration fee of $100 ($120 for paper filings). While there is no annual report fee, you will have additional expenses to budget for, including possibly hiring a registered agent, insuring your business, and in many cases, business licensing costs. Here we offer an overview of direct LLC costs, and some costs that you’ll probably want to budget for.
What You’ll Find In This Article:
Idaho LLC Formation Filing Fee: $100
The cost to start an Idaho LLC is $100 for online filings, and $120 for paper filings. Forming your LLC involves filing an Idaho Certificate of Organization with the Secretary of State. Filing your certificate officially creates your Idaho LLC. You can file your certificate online, by mail, or in person. Keep in mind that Idaho charges a $20 manual processing fee for any forms that are not filed electronically.
Idaho Annual Report Fee: $0
All LLCs in Idaho need to file an annual report. The report is free to file, and there are no late fees. However, if no report is submitted within 60 days following the report’s due date, which is the month your LLC was formed, your Idaho LLC may be administratively dissolved. This would require paying a fee to reinstate your Idaho LLC.
Find out how to file your Idaho Annual Report.
Idaho Registered Agent Fee
Appointing an Idaho registered agent is a requirement in Idaho. The registered agent is the person (or company) authorized to receive important legal mail or correspondence from the Idaho Secretary of State on behalf of your business. You can save money and be your own agent. You can also ask a friend or appoint someone else you trust to fulfill the role.
Lots of business owners in Idaho hire a professional registered agent because they simply have too much on their plate to want to spend time handling state or legal mail. Registered agent services vary in price, but at Northwest we charge $125 per year, our price never goes up, and we’re not annoying.
Idaho State Business License Fee
There is no fee for Idaho’s Sales and Use Tax license that all businesses are required to obtain. The license authorizes your business to collect Idaho’s 6% sales tax. For business specific-licensing, check out Idaho’s Business Wizard, which makes it easy for business owners to research what kind of occupational licensing and fees a business might need.
Idaho Professional Licensing Fees
Professional licenses need to be obtained through the state licensing board that matches the profession. Fees range from $40 for physical therapist licenses to licenses in the hundreds of dollars for accountants or real estate agents. For example, if you’re an engineer, Idaho’s Board of Licensure of Professional Engineers and Professional Land Surveyors will expect you to pay $150 get your license, an additional $200 for a Certificate of Authorization for your business, and then a biennial renewal fee of $300. Idaho’s Division of Occupational and Professional Licenses is an excellent resource for linking up with the appropriate professional licensing authority.
Local Business License Fees in Idaho
The cost of a local business license depends on where the business is located. If you run a daycare in Boise, you’ll pay $37, but in Idaho Falls you’ll pay just $20. If you run a food truck in Post Falls, you’ll need to pay $25 for a general business license, and another $72 for a mobile food vending permit. In Spencer you’ll need to pay $330 for a mobile food vendor permit.
Local business licenses and their fees can be generally be found online through your city or county clerk’s office. For instance, if your LLC operates in Wallace, which is in Kootenai County, Idaho, you can find everything you need with regard to local licensing and fees on the Kootenai County website.
Optional LLC Fees in Idaho
We’ve gone over some of the main expenses you can expect when forming an LLC in Idaho. However, you may find that some other expenses are necessary for your business. Here’s a glimpse of additional that your business might need.
To reserve your business name, all you need to do is submit an Application for Reservation of Legal Entity Name. This will reserve your business name for 120 days. The reservation fee is $20 if you file on the Idaho Secretary of State website, or $40 if you print it out and file by mail.
DBA (Doing Business as) Name
Idaho calls a DBA an Assumed Business Name. You can register for one by filing a Certificate of Assumed Business Name with the Idaho SOS. Paper filings cost $45 and can take a few weeks to be approved. Or you can pay $25 to file online with the Idaho Secretary of State and get your Assumed Business Name immediately.
Certified Copies of Business Documents
At some point you may need a certified copy of your LLC’s formation documents. Certified copies of documents for your Idaho LLC will run you $10 per document (add 25 cents per page). You can print out a certificate request form and order your documents by mail, fax, phone, or in person. In person documents can usually be returned in an hour. Fax and phone requests can be processed within three days. Mail requests will take longer depending on how fast the mail reaches the Secretary of State’s office.
Idaho Certificate of Good Standing
Called a Certificate of Existence in Idaho, it proves to potential banks, investors, and state officials that your LLC has been well-behaved, and has filed all of its state reports and paid all taxes and fees. An Idaho Certificate of Existence costs $11.50 for online requests which are processed immediately, or $10 for normal processing through mail, fax, or in-person filings.
Here’s how to get a Idaho Certificate of Existence.
Business Insurance Premiums
If you’re slinging tacos from an old bread truck, and your employee rear ends another driver while driving home from a busy day, your LLC will protect your house and 401k, but it won’t protect the business itself. This is where business insurance comes in. It is meant to protect your business. The amount and type of insurance you need depends on what kind of business your LLC is involved in. Selling stained glass at the weekend art market, maybe you don’t need any. Running a plumbing company, you’ll definitely want, and in most cases be required to carry insurance.
One of the most important types of insurance you’ll need to budget for is workers’ compensation insurance. Without it, your business could be subject to hefty fines or even closure. You can purchase workers’ comp insurance through Idaho’s Workers’ Compensation Fund, shop around for private insurance, or if your business meets certain state payroll requirements, you can choose to self-insure. Employers who don’t meet the requirements for self-insurance, or are unable to obtain coverage from a private company or the State Insurance Fund, can apply for coverage with The National Council on Compensation Insurance (NCCI).
Workers’ compensation insurance costs average out to be about $1.60 per $100 of payroll. More risky industries like mining, steel working, or contracting will carry higher cost premiums.
Learn more about LLC Business Insurance.
How much does it cost to register a foreign LLC in Idaho?
To register your foreign LLC in Idaho, you’ll need to file an Idaho Foreign Registration Statement with Idaho’s Secretary of State. The process to register a foreign LLC is called foreign qualification. Idaho charges $100 to foreign qualify your LLC online, or $120 if filing paper forms by mail or in person. You’ll also most likely need to obtain an Idaho Sales and Use Tax license, and any professional or local licenses and permits that are applicable to your foreign LLC.