Perhaps when you consider economic powerhouses in the U.S., you might not initially think of the Gem State, which is understandable as you have many other states with more popularity and economic power, however, the stunning state of Idaho has a lot more to offer than you might imagine, especially for businesses!
If you can put the beautiful green forests, glorious landscapes, and incredible mountain ranges to one side, you are left with an extremely progressive state that is becoming more and more lucrative for those looking to register a business in Idaho due to its fast-growing and impeccable economy and business climate.
How much does it cost to register a business in Idaho and maintain it? Not that much at all! Sure, it is not the very cheapest state to register a business in, but it is certainly one of the least expensive ones, and there are no annual renewal fees!
Let’s get right into the upfront costs to register a company in Idaho, whether that be an LLC, an Incorporated company, a partnership, a non-profit, or any other type of company or sole proprietor.
What is the cost to register a business in Idaho?
One of the two different types of companies (most common) you may wish to form when starting and registering a business in Idaho are:
- Idaho Limited Liability Company (LLC)
- Idaho Incorporated Company (Inc.)
Of course, there are other types of structures such as sole proprietorship, a limited or general partnership, and non-profit, but the most common two are the limited liability company and corporation.
When it comes to registering your company in the U.S., it is important to be aware that the registration and renewal costs differ depending on which state you decide to register in. The type of business structure you decide on will also determine the specific costs.
If you would like to pay for the services of a formation and business filing services company to register your Idaho business the right way, they can do it for an affordable fee that ensures it is done properly and all the correct documents are filed according to the law. They will also take care of all the after-formation procedures so your business is compliant with Idaho law and legally registered.
How much does it cost to register a company in Idaho?
- Idaho LLC Initial Registration: $100
- Idaho Corporation Initial Registration: $100
- Idaho Non-Profit Initial Registration: $30
- Foreign LLC Initial Registration: $100
(this is so an out-of-state LLC can obtain a foreign qualification to do business in Idaho)
- Foreign Corporation Initial Registration: $100
(this is so an out-of-state Inc. can obtain a foreign qualification to do business in Idaho)
- Limited Partnership (LP) Initial Registration: $100
- Limited Liability Partnership (LLP) Initial Registration: $100
- Sole Proprietorship Initial Registration: $25
The costs to register a business in Idaho noted above are the total fees you must pay but do not include several optional fees that are offered by the Idaho Secretary of State. For example, LLCs, Corporations, or any other business type that requires an initial registration fee of $100, can have the form filled in via paper copy, which will cost an additional and optional $20.
How much does it cost to renew a company in Idaho?
According to Idaho law, any company, or business entity wishing to continue doing business in the state of Idaho must file an annual report. Annual reports usually include information such as a letter from the CEO, financial and tax information, objectives and goals for future years, and performance highlights, some business types will include a fee along with the required documents, whereas some will not.
The way in which annual reports in Idaho work is that you must file your report by the end of your businesses anniversary month, so, for example, if you registered your business on June 15, 2020, then you must file your annual report no later than June 30, 2021, failing to do so will result in fines by the secretary of state. In order to file online, you must create an account or use your already active SOSbiz account with the Secretary of State.
Annual Fees to renew your business in Idaho:
- Annual Fee for an LLC in Idaho: $0
- Annual Fee for a Corporation in Idaho: $0
- Annual Fee for an Idaho Non-Profit: $0
- Annual Fee for a Limited Partnership (LP): $0
- Annual Fee for a Limited Liability Partnership (LLP): $15
- Annual Fee for a Limited Liability Limited Partnership (LLLP): $15
The above annual reporting fees for businesses are the minimum you must pay, and there are optional fees and additional state fees a business entity may need to pay should you wish to make changes during the year, rather than when your annual renewal is filed.
Other Idaho Secretary of State Filing Fees
As a business owner or soon-to-be owner of an Idaho company, you should be aware of the other various fees that are charged by the Secretary of State.
- Articles of Amendment: $30 + $20 paper fee
- Certificate of Dissolution: $0 + $20 paper fee
- Restatement of Certificate of Organization (LLC): $30 + $20 paper fee
One of the most important fees to remember is the late filing fee. In Idaho, they impose a late fee if you file your annual report after the previously mentioned cut-off date, each year.
Idaho Secretary of State Mailing Address and Contact Information
Secretary of State
450 N. 4th Street
Boise, ID 83702
Hours: 8:00 a.m. – 5 p.m. MTD
P.O. Box 83720
Boise, ID 83720-0080
If certain changes are made by an LLC, Corporation, or Partnership throughout the year, such as amending the Articles of Organization or changing the registered agent, officers, or managing members, the Idaho Secretary of State’s office must be notified on the appropriate form and a fee must be paid.