Idaho LLC Annual Report: What It Is And How To File?

Every year, LLC company owners are required by Idaho State law to file for their LLC Annual report. 

In this case, filing an LLC Annual report is essential for compliance and maintaining a good record with the government, and keeping your LLC contact up to date with the Secretary of the State of Idaho. Likewise, another reason for this is to avoid the dissolution of your LLC company.

With that said, this article will guide you through the steps of filing your Annual report in Idaho.

 

When to File Your LLC’s Annual report?

The Annual report should be filed every year from the time you filed your LLC initial report. The Annual report must be submitted at the end of the month that your LLC was formed/approved. To avoid forgetting your Annual report filing, you must always include it on your calendar of activities. 

For example, you can create a reminder on your phone or calendar to help you remember around one to two months before the due date to avoid missing the filing. 

On the other hand, if it’s your first year to file for LLC Annual reports, it’s due the following year after the approval of your LLC application. 

For example, suppose your company was established and certified on September 9, 2020. In that case, your first LLC Annual report is considered due for submission on September 30, 2021.

Similarly, if you want to double-check the date when the state approved your LLC, it’s best to check your LLC’s Certificate of Formation. You can also search for your LLC through the business search of the State of Idaho and look at your “filing date”.

The Secretary of the State of Idaho will send you a reminder through the email of your registered agent about 1 or 2 months before the due date of your annual report. This is a great step from the state. However, it is advisable that you set a reminder for yourself as well to reduce the chances of forgetting to file your LLC annual report.

What Are the Requirements You Need to Prepare?

Before you file, make sure that you have these documents or information prepared. Preparing these documents beforehand can help prevent any delays during the process. 

  1. State-issued LLC entity number
  2. Date of organization 
  3. Idaho Business EIN (entity identification number) 
  4. Other important details about your company, such as:
  • Your registered agent
  • Its registered office address
  • Officers/directors or partners updated contact information
  • Insurance policy information including your proof of insurance, the insurance company’s name, the insurer’s name, and the policy date.
  • Your signature and title if you are the one filing the report.
  1. 0 USD filing fee, no filing fee is required for submitting LLC annual report in the State of Idaho.

 

What Will Happen If I Don’t File My Company’s LLC Annual report?

Not filing your company’s LLC Annual report in Idaho will result in the administrative dissolution of your company by the State of Idaho. In this case, you’ll need to file for reinstatement and then pay a fee of 30 USD only. 

 

Where to File the LLC Annual report?

Fortunately, filing your company’s LLC Annual report is now easier. You can only file your LLC Annual report online with the Secretary of the State of Idaho through the SOSBiz filing portal.

 

How to File Your LLC Annual report: A Step-by-Step Guide

To help you file your company’s LLC Annual report online, this article has outlined the steps of the process. Check them out below.

Step 1: Go to the SOSBiz filing portal and choose the file annual report option in the business services section of the webpage.

Step 2: Log in to your account (if you have one) or create a new account if you don’t have an account on the SOSBiz filing portal.

Step 3: Click on the “my records” tab and select the file annual report option on the webpage. Follow the other instructions on the web page to complete the process.

You can also take the help of professional services such as ZenBusiness or Legalzoom to help you as your registered agent.

Step 4:  Make changes to your LLC information as required (if necessary) and then append a digital signature.

Step 5: After this, you’ll submit the form and end the process.

 

What Is the Difference Between an LLC Annual report and LLC Partner Tax?

Most company owners mistake the LLC Annual report and LLC Partner Tax as being the same. Due to this misconception, they either miss filing one or the other. If you have multi-member LLCs, which means you have two or more owners, you must file for LLC Partner Tax.

 

Other Transactions You Can Do Under the Annual reports and Change Services

Aside from filing your company’s LLC Annual report, here are the other business documents that can be generated through the Annual reports and Change Services:

There are two possible reasons you might want to change your LLC’s assigned registered agent. First, you are dissatisfied with your existing agent and would like to change services. Second, you are your own agent and would like to get the services of a registered agent.

Regardless of the reason, you’ll need a registered agent for your company. This is because an LLC licensed agent plays a vital role in every company. In this case, your registered agent is the official representative of your company. 

For example, suppose the state needs to contact your company for some legal matters. In that case, there should be an authorized representative where they can send legal documents.

  • Reinstating a business entity

One reason for filing a reinstatement is that your LLC faced dissolution due to non-filing of the Annual report or paying taxes.

 

Of course, aside from these, some of the other tasks you can perform in the Annual reports and Change Services:

  • File an amendment
  • Business name search
  • Change tax/Employer registration record

 

Conclusion

Finally, you now know how to file your company’s LLC Annual report in Idaho. Making sure you comply with this requirement is essential to avoid penalties or the dissolution of your company.

In this case, to avoid forgetting your Annual reporting, it’s best to organize your calendar. It’s recommended to set a reminder two months before your date of filing. 

After all, as a business owner, it’s your responsibility to abide by the government’s ordinance to avoid penalties for your company.