It’s exciting to launch a business in Montana. However, you must first obtain a business license in order to operate. Depending on the kind of business you intend to run, the procedure for obtaining a business license in Montana may change. A company license can often be obtained between a few days to a few weeks.
You do not need to register with the state if you intend to run a business in Montana as a sole proprietorship or partnership. However, you must register with the Montana Secretary of State if you intend to run a Limited Liability Company (LLC), corporation, or nonprofit organization. It may take up to ten days to register your business.
The type of business you intend to operate determines the cost of a business license in Montana. A business license typically costs between $50 and $500. You will have to pay extra costs if you want to run a business that needs a unique permission or license, like a massage therapist license or a liquor license.
In Montana, you must additionally pay self-employment tax if you operate a business. In Montana, the self-employment tax rate is 15.3%, which includes 2.9% for Medicare and 12.4% for Social Security. You must pay the self-employment tax on your net self-employment income.
If your income falls under a particular range, you must file a Montana income tax return if you reside in Montana. The barrier is $4,600 for single taxpayers and $9,200 for married couples filing jointly. Nonresidents who made money in Montana must also submit an income tax return for the state of Montana.
The franchise tax does not exist in Montana. However, there is a $20 yearly report fee that must be paid if you intend to run a business or LLC in Montana. On April 15 of each year, this charge is payable.
Last but not least, the formation of an LLC in Montana can take up to ten days. Choosing a name, submitting Articles of Organization to the Secretary of State of Montana, and acquiring any necessary licenses and permits are all phases in the formation of an LLC.
In conclusion, the length of time it takes to obtain a business license in Montana varies based on the kind of enterprise you intend to run. However, if you plan and prepare well, you can open your business in Montana and get a business license.
Depending on the volume of work being done by the Secretary of State’s office, the precise processing time for establishing an LLC in Montana may change. The processing time for LLC applications is currently between 10-15 business days if submitted online and between 20 and 25 business days if submitted by mail, according to the website of the Montana Secretary of State.