How do I start my own LLC in Idaho?

Here’s how to start your own LLC in Idaho in 4 easy steps:

1. Register your LLC

Register your LLC by filing a Certificate of Organization with the Idaho Secretary of State. The registration process is easy and can be completed online at the Secretary of State website here. You will need to choose a business name, address and registered agent to complete the registration and pay a $100 filing fee.

2. Obtain EIN

After you have completed your entity registration, you will need to obtain an EIN from the IRS. This will be the tax identification number for your business. Getting an EIN is free and instant at the IRS website here. To quote the IRS: “Beware of websites that charge for an EIN. You never have to pay a fee for an EIN.”

3. Open your Business Bank Accounts

Take your Certificate of Organization and EIN to the bank of your choice and open your business bank accounts. Read about why it is important to open a separate business bank account here.

4. Create an LLC Operating Agreement

If your LLC does not have an Operating Agreement, it will be governed by default rules set out in the Idaho Uniform Limited Liability Company Act. If your LLC is a single-member LLC, meaning your business is just you, no partner and no investors, you don’t have to worry so much about your Operating Agreement, though we recommend that your have one. However, if your LLC has more than one owner or co-founder or you are thinking about bringing in a partner or investor, you should think of the LLC Operating Agreement as a co-founder/co-owner agreement and it is very important! You will need an experienced attorney to help you draft your Operating Agreement.

If you would like to walk through this process with a lawyer and get advice about your specific situation or need help drafting an Operating Agreement, please book a New Business Strategy Session HERE.