Checklist to Create an Idaho LLC
If you are reading this article congratulations! Because you are reading this article it means that you have either thought about or you are in the process of creating an Idaho limited liability company (LLC) as part of your business. This is an exciting time for you, and we are happy to provide you with information that might be helpful to you in moving your business forward successfully.
At the Racine law office, we have a team of premier Idaho business attorneys who have helped clients for more than 70 years in starting a business, creating an LLC, operating an LLC, and making adjustments when necessary for the LLC to continue to succeed. Because of our experience in helping so many clients over many years, we are confident that we can help you too!
The attorneys on our premier Idaho business law team include partners Lane Erickson and TJ Budge, and attorneys Nate Palmer and Dave Bagley. Each of the attorneys on our team is skilled, knowledgeable, and experience in assisting clients with all of their business needs. We have the ability to help you create and organize your Idaho LLC and then move it forward successfully.
The purpose of this article is to provide you with a brief checklist of the things that you need to complete if you are creating an Idaho LLC. Our goal in providing this article is to keep things as simple as possible in describing the steps that need to be completed. This article is not exhaustive in providing information about each of the things that need to be done. Rather, this article is just a summary to help you get started. If you are starting an Idaho LLC, we encourage you to contact us for a free 30-minute consultation where we can answer your questions and give you a more thorough description of the things that need to be done.Business Name
When you are starting an LLC in Idaho the first thing you need to do is come up with a business name that you will be using as part of your LLC. The reason this is important is because when you create an LLC in Idaho you have to register it by filing the appropriate documents. These will be discussed in more detail below. However, one of the things that is listed on these documents is the business name that you will be using.
In order to use the business name that you want, it needs to be registered with the Idaho Secretary of State’s office. A name can only be registered so long as it has not already been registered and is being used by another business. To determine this, you simply do a search on the Idaho Secretary of State’s business registrations listings to make sure that the name you want to use has not already been registered by someone else.
Whenever we meet with a client who is beginning an LLC in Idaho, we always suggest that they come up with a business name. We then encourage them to come up with one or two additional names that can be used if their first choice is already registered and isn’t available.
We do the research for our clients to help determine whether or not the name that they have chosen is available. Based on our research, we meet with our client and let them know which business name they can move forward with in registering their LLC in Idaho.Certificate of Organization
This leads to the documents that need to be filed with the Idaho Secretary of State’s office. The main document is called a certificate of organization. This is a specific document designed to register a business name for an Idaho LLC.
In addition to registering the business name, this document also identifies who the registered agent will be for the LLC. A registered agent is a person who can receive legal notices on behalf of the company at a physical address. In other words, if a lawsuit is started against the LLC, the registered agent will be the person who is served with the lawsuit on behalf of the LLC. Additionally, the registered agent also receives all official and required notices that are set by the Idaho Secretary of State’s office.
The certificate of organization also lists who the owners of the business will be, as well as the physical and mailing addresses for the business. This document is filed with the Idaho Secretary of State’s office and when accepted is stamped by the office with a date and record number. This information is then provided to the individual who filed the document as proof that the name is registered as an LLC under Idaho law.Create an Operating Agreement
The next step is creating an operating agreement between the owners of the business. Without going into all the details about this document and operating agreement is simply a contract between the owners that describes several specific things about the business. For example, the names of the owners are listed as well as the percentages of ownership each has in the LLC. Additionally, the physical address of the business is identified. Furthermore, the operating agreement describes how the LLC will be managed.
In addition to these things, the operating agreement also has language in it that describes how an individual owner can either get out of the business or how a new owner can get into the business. As mentioned, the operating agreement acts as a written contract between the owners of the business. Because of this, anything associated with the operation of the LLC could be contained as a term or condition in this contract.Tax ID Number and Bank Accounts
The final step that needs to be completed is that the LLC, once organized and registered with the Idaho Secretary of State’s office, needs to obtain a tax ID number from the IRS. This number will be used by the business in setting up all associated bank accounts, as well as in all tax filings with the state and federal governments.
The purpose of this article is just to start you with a checklist of the things that need to be done when you create an Idaho LLC. However, it’s impossible for an article to describe all the steps that need to be completed and how these things need to be done. If you are beginning an LLC in Idaho, we encourage you to contact us for a free 30-minute consultation so that we can answer your questions and help you get the process done correctly. We have helped numerous clients create Idaho LLCs, and we are confident that we can help you too!Enlist an Idaho Business Attorney to Help You
Our team of Idaho business lawyers can help you with any of your business structure or operation needs. Whether you are seeking to create a new business or review a current business, we are available to discuss your options and answer your questions at an initial free 30-minute consultation. Call us toll free at 877-232-6101 or 208-232-6101 for a free consultation. You can also email us directly at firstname.lastname@example.org or stop by our office at 201 East Center Street, Pocatello, Idaho 83201. We will answer your questions and help you solve your Idaho business problems.