You did it. Your Idaho LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
Every year, your LLC must submit an Annual Report to the Idaho Secretary of State to keep your information current. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
What is an Idaho Annual Report? Why is it Important?
Consider an Annual Report the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Idaho business.
Each state has its own annual reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting an annual report.
Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.
For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Idaho might end up falling out of good standing or, even worse, administratively dissolved.
Moreover, keeping your information current will help other businesses and potential customers find you. If the Secretary of State has the most updated data on record, people can find your business by performing a name search.
How Much Does the Idaho LLC Annual Report Fee Cost?
If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include annual filings like this one, just so that there are no surprises.
Costs vary from state to state. Some are free while others can be several hundred dollars. But lucky for you, filing an Idaho Annual Report won’t cost you a thing – it’s completely free.
Due Date and Frequency for an Annual Report in Idaho
You won’t need to file an Annual Report during the year that you file your Certificate of Organization to form your LLC, but after that, you’re required to file one every year. It’s due by the last day of your LLC’s anniversary month (the month in which you formed it).
So, if you formed your business on July 21, 2020, your first report will be due by July 31, 2021, and by every July 31st after that.
What Happens if You Don’t File?
You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your Annual Report can yield some serious consequences.
The Idaho Secretary of State doesn’t impose a late fee for delinquent Annual Reports, but if you haven’t filed by 60 days after the due date, your LLC will be administratively dissolved. At this point, you will need to reinstate your business by filing a reinstatement form and pay a $30 fee to continue doing business.
If you’re currently in the same quarter that you formed your LLC, you’re ready to file! Here’s all the information included on the report:
- LLC name
- Business address
- Registered agent name and address
- Name and address for each member/manager
That’s it! Quick and painless. Whether or not your information has changed from the previous year, the whole filing process shouldn’t take long at all. You can even complete it over a quick coffee break!
Annual Report filing in Idaho is completely electronic – there are no paper forms available. But don’t worry, online filing is both fast and easy.
Get started by heading to the SOSBiz filing portal. Click “File Annual Report” in the Business Services box and you’ll be asked to log in. If you don’t already have an account, you’ll need to create one to continue. Under the “My Records” tab, select “File Annual Report” and follow the site will walk you through the process.
Once you’ve confirmed or changed any necessary information, provide a digital signature and submit your document, and you’re all set until next year.
Does the State Send Reminders?
Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.
The Secretary of State doesn’t want you to miss your filing date either, so they will send you an email reminder 1-2 months before your Annual Report is due. We recommend setting your own reminders as well – on your phone, planner, calendar, etc. – because you can never be too safe.
Can I Hire a Service to Handle it?
You probably have a full plate as it is, and the thought of adding one more responsibility to your to-do list might make you shudder. You’re not alone.
Plenty of other LLC owners have outsourced their reporting duties to LLC services. These companies will take the entire process off your hands, handling your Annual Report each year. If that piques your interest, we recommend ZenBusiness, which is an experienced and trustworthy LLC company.
But their services aren’t restricted to forming an LLC or managing Annual Reports. They can also help you form your business, draft an operating agreement, handle registered agent responsibilities, and much more, all for a reasonably low price.
If thinking about your LLC responsibilities ties your stomach in knots, let ZenBusiness take some of those worries off your plate.
There you have it, everything you need to know about Idaho’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.
And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.