How to File an LLC Annual Report in Idaho? (Full Guide)
If you own a company in Idaho, you probably know that all businesses that conduct transactions in this state must file annual reports to fulfill the state's requirements.
To help you understand the process, we worked with our licensed LLC experts with ten years of experience in the business sector. We spent three weeks researching the Idaho Secretary of State's website for the correct filing requirements.
Here's a summary of everything you should know about filing annual reports there.
Quick Summary
- All Idaho LLCs and corporations must file annual reports to update the state on any business changes.
- It costs $0 to file an annual report online in Idaho, and the deadline is the last day of the month's anniversary.
- Idaho does not impose late fees for not submitting an annual report on time. However, if a report isn't filed within 60 days after the due date, your business risks being administratively dissolved.
- According to the U.S. Small Business Profile, Idaho's economy is significantly supported by 169,151 small businesses, constituting over 99.2% of all businesses in the state, underscoring the critical need for LLC compliance.
What Is an Idaho LLC Annual Report?
An Idaho LLC annual report is a legal document that a business owner files with the state containing up-to-date business details [1].
The Idaho annual report gives the state information about your LLC or firm, including its business name, office address, registered agent information, and contact details like phone numbers of authorized officers.
Whether you run a limited liability company or a corporation, the SOS mandates you to file an annual report by the end of your anniversary month if you want to stay compliant.
How to File an Idaho Annual Report?
To file an Idaho annual report, you must create a SOSBIZ account, log in to access the annual report, update your business details, and submit the form.
The Idaho Secretary of State allows online and mail filing for annual reports on the official SOSBIZ website.
1. Online
Follow these steps to file your Idaho annual report via the online filing system:
- Log in to your SOSBIZ account with your username and password.
- Select "My Records" from the left navigation menu, then select the firm name that displays in the main work window.
- In the pop-up box on the right side of the screen, click the "Annual Report" icon next to the firm name.
- The annual report is a quick and easy way to validate entity information. Follow each instruction to confirm these specifics. If you are missing steps, the system will mark the missing step with a red check box, prompting you to go back. Correct any mistakes, then continue until you can verify each step.
- Each stage in your paper will be verified after you have finished it with a tick. After that, you may complete the paperwork by signing, paying, and filing.
- The Idaho Secretary of State accepts different payment methods for filing fees, including Visa, Mastercard, Discover, and American Express.
During our filing, our online filing was processed immediately after payment confirmation.
Once approved, the Idaho Secretary of State sent us a confirmation email, and this confirms that our company is compliant until the next filing year.
2. By Mail
To complete the annual report filing by paper:
- Access your SOSBIZ account by entering your username and password.
- Choose "My Records" from the menu on the left, then click on the company name that appears in the central workspace.
- Click on the "Annual Report" icon adjacent to the company name, which you'll find in the pop-up box on the right side of the screen.
- Continue to fill out all the necessary business details.
- Choose the print option.
Attach the filing fee as a cheque or money order and send the form to:
Idaho Secretary of State
Business Services
450 N. 4th Street
Boise, ID 83702
Mail submissions take roughly 5 business days to get approved.
What to Include in the Annual Report?
You must provide the following information in the Idaho annual report:
- Company name.
- The ID number for the business. You may quickly locate your business file number by using the Idaho Business Database's search function.
- Principal place of business.
- Name and location of the Idaho registered agent.
- The state where your firm was first established.
- If appropriate, the old Idaho business filing number.
- Information about an LLC manager or an LLC member. Specify the person's name, position, and postal address.
- Name and title of the individual filing the yearly report.
How early can I file my Annual Report?
Limited liability companies, limited partnerships, and profit and nonprofit corporations can submit their annual reports as early as 60 days before the end of their anniversary month to stay compliant.
"Efficiency is doing things right; effectiveness is doing the right things."
- Peter Drucker, Austrian American Management Consultant
What is the due date for submitting the report?
The Idaho annual report deadline for LLCs and corporations is the end of the business' anniversary month.
For instance, our firm was launched on January 10, 2022, and we submitted an annual report by January 31, 2023.
The Idaho Secretary of State’s office used to mail postcard notices to company owners in yellow and orange, but the state stopped doing so in 2018.
Currently, businesses that have formed accounts on the SOSBIZ website receive email reminders from the state 1-2 months before the deadline.
Idaho corporation owners are also offered a 60-day grace period if they miss the deadline. The state will email a reminder to ensure you file an LLC annual report within the grace period.
Even though the Idaho Secretary of State’s office doesn't charge penalty fees for missing the deadline, failing to file the annual report can harm your business's status.
What is the filing fee for the report?
The annual report filing fee in Idaho is $0 for all business entities.
However, if you use a professional Idaho annual report service, you will pay extra fees for their services. Different companies charge differently for their annual report filing services.
What are the penalties for not filling out the LLC Annual Report?
By 2022, Idaho reported 152,534 registered LLCs, indicating a robust and diverse business environment, particularly with Ada County leading at 58,525 registrations.
However, businesses that neglect to file their annual reports on time may face several consequences under Idaho state regulations.
1. Dissolution
After the grace period, the state will administratively liquidate the business if an Idaho annual report is not submitted.
Dissolution causes difficulties in obtaining funding, closing deals with other businesses, and expanding your firm into different states.
You cannot also transact business in the state, at least not until your entity is reinstated.
2. Loss of Good Standing Status
Idaho businesses file annual reports to receive the Certificate of Good Standing.
You cannot receive this certificate from the Idaho Secretary of State if you are not in good standing.
This implies that your business capacity to transact is impaired.
Without a Certificate of Good Standing, you cannot open a bank account, apply for credit loans, or source for potential investors.
3. Lose of Business Name Exclusivity
Once your entity is administratively dissolved, you lose exclusive rights to your business name.
All business names for entities listed as inactive are considered available, and if another entity in Idaho claims it, you cannot bring up a lawsuit.
4. Extra Reinstatement Fees
A dissolved LLC may be restored in Idaho by submitting a reinstatement form.
You'll log in to your SOSBIZ account, locate the form, complete it, and submit it online.
After that, you must pay $10 and await approval from the state. The state takes 10 business days to approve your LLC reinstatement application, but you can pay an additional $40 to expedite the process to 5 days or $100 for same-day delivery.
Related articles:
- Top LLC Formation Services in Idaho
- How Much Does an LLC in Idaho Cost
- How to Set Up an LLC in Idaho
FAQs
Will You Receive a Reminder to File the Idaho Annual Report?
If you established your LLC in Idaho using SOSBiz, the Secretary of State's office will email you a reminder approximately one to two months before the due date of your Annual Report.
Who Is Authorized to File the LLC Annual Report in Idaho?
An LLC member, owner, or a registered agent is authorized to file the LLC annual report in Idaho. The company can also retain a lawyer to complete the filing on its behalf.
How Do I Correct a Mistake in My Filed LLC Annual Report in Idaho?
You can correct a mistake in your filed LLC annual report in Idaho by submitting an amended annual report to the Secretary of State.
References:
- https://doi.idaho.gov/wp-content/uploads/Company/TPA-PBMs-Other/TPAannualReport.pdf
