Starting an LLC in Idaho is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Idaho: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Idaho. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Idaho will require from you:
- Legal name of the business
- Name and address for your registered agent
- Business address
- Names and addresses for each member/manager
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
In the past Idaho’s Secretary of State would send each LLC a colored card (usually yellow) with a reminder that the annual report was due. If it was late, the postcard was orange. The “bad postcards” were the pink ones.
Now, however, Idaho handles annual reports through their online web portal, SOSBiz. So you won’t receive a postcard in the mail. When the time comes to file, you’ll simply log into the portal. There, you’ll get to fill out the information requested above. That’s really all there is to it.
The annual report isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire an Idaho LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Idaho’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. Idaho, however, doesn’t even charge a filing fee. So the annual report won’t cost you anything. Most states charge some sort of fee, but Idaho residents get off easy.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Idaho, the annual report fits its name; you’ll file every year.
More specifically, all Idaho LLCs will need to file their annual report by the end of their LLC’s anniversary month. That’s the month during which you formed your LLC. So if you filed your Certificate of Organization on June 2, you’ll need to file the annual report by June 30.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, failing to file your annual report can cost you your good standing in the state. If you take more than 60 days to file your report, the state can administratively dissolve your business. Long story short, the state can shut down your business by force. If that happens, don’t panic; you can get reinstated. But it’s a big hassle to do so; we highly recommend avoiding that hassle entirely by filing on time each year. You’ll save yourself a lot of time and money.
Maintaining an Idaho LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.