LLC Frequently Asked Questions (FAQs)
What do I need to start an Idaho LLC?
You need to file articles of organization with the state of Idaho.
Do I need an attorney to form an LLC?
No, you can prepare and file your articles of organization yourself, or you can hire us to do it for you by filling out the proper forms. If you are unsure if you need to be incorporated, or what kind of corporation you should have, you should consult an attorney and/or an accountant and/or read some of our great, extensive information on corporations and LLC’s.
How many people do I need to start an LLC?
You only need one, but you can have as many as you’d like.
Can members be other entities, or do they have to be individuals?
Members can be other corporations, LLC’s or individuals; any combination works.
Should I be member managed, or manager managed?
If you are the sole operator of this LLC, you would probably want to be member managed, because there will be no one else in the organization. If you operate this LLC as a business, and have multiple members who own interest in this LLC, but some of them are silent partners, and do not get involved with the day-to-day management of the organization, you would probably want to be manager managed. This will give your CEO, or operations manager, signing capabilities for your Idaho LLC.
If you are unsure of this, you should consult an attorney. Idaho Registered Agent is not an attorney, and this is only information based on previous filings. These are only Idaho Registered Agent’s opinions, and do not qualify as legal advice.
What is a BOI report?
A BOI report is a filing made with the Financial Crimes Enforcement Network (FinCEN) that requires information about your LLC, as well as your LLC’s beneficial owners and company applicant. (BOI stants for Beneficial Ownership Information.) You’ll have to provide your LLC’s legal name (as well as any DBAs), address and jurisdiction of formation, and federal tax ID number. For your beneficial owners and company applicant, you must provide:
- Full legal name
- Date of birth
- Residential address
- Photo ID
This report is mandatory for the vast majority of LLCs in the U.S. (including those in Idaho), and must be filed within 30 days of formation. Companies formed before January 1, 2024, however, have until 2025 to file their BOI report, and they do NOT need to include a company applicant.
What are beneficial owners and company applicants?
You must include the information of all beneficial owners and one or two company applicants when filing your BOI report.
- Beneficial Owner: This is anyone with substantial control over your company, like a member, a manager, or someone with at least 25% ownership of your LLC.
- Company Applicant: This is the person who filed the formation documents to create your company, and/or the person who directed the formation of your company. If these two people are different you must list two company applicants, but if this is the same person you only need to list one company applicant.
How soon do I get my documents?
The State gets our paperwork the same day you hire us. If you file online and choose the state’s expedite service for $40.00 extra, they will have your documents filed in 1 business day. Without the rush service, it takes about 8 days for them to file online submissions and often longer for documents submitted by mail. When you hire us, we submit your documents electronically with the State and get your paperwork back very quickly.
Do I keep getting bills from you?
If you use our registered agent services to keep your privacy and personal information from being public, you will get a bill for $49.00 each year. You can cancel at any time. Our fee is half that of our next cheapest competitor.
Is the annual registered agent fee a year from time of service, or calendar year?
It is one year from the time you hire us. Your annual report will be due one year from the time your paperwork is filed, so you can get everything taken care of at one time.