It is crucial to take action as quickly as possible to restart your business if the state of Idaho has administratively dissolved or cancelled it. If you don’t, you risk losing your company name, liability protection, and other legal advantages. The following steps will show you how to reopen your company in Idaho:
Discovering the cause of your company’s dissolution or revocation is the first step in reviving it. This can be because annual reports weren’t submitted on time, taxes weren’t paid, or for other administrative causes. By getting in touch with the Idaho Secretary of State’s office, you can learn why.
You must submit the required papers to the Idaho Secretary of State’s office after determining the cause of dissolution or revocation. This can entail submitting annual reports, paying any unpaid taxes, and applying for reinstatement. A declaration of intent to operate a business and a certificate of good standing from the Idaho State Tax Commission must be included with the reinstatement application.
Step 3: Pay the fees You must submit the required papers and pay any fees that are associated with it. In addition to any additional fees for submitting annual reports or other papers, the reinstatement charge is $200.
You will have to wait for the Idaho Secretary of State’s office to approve your application after you have submitted the required paperwork and made the required payments. It’s vital to have patience because this process can take several weeks.
In Idaho, you are allowed to act as your own registered agent. But it’s crucial to comprehend the duties that go along with this position. You must accept legal documents and other business correspondence on behalf of your company as the registered agent. Additionally, you must have a real address in Idaho where these documents can be sent during regular business hours.
In Idaho, LLCs are taxed as pass-through businesses, which means that the business’s gains and losses are transferred to the owners’ individual tax returns. In Idaho, LLCs are exempt from paying state income taxes, but they are still responsible for paying state sales tax and other taxes. Does My Business Need to Be State-Registered?
Yes, all companies doing business in Idaho need to register with the government. This covers partnerships, sole proprietorships, corporations, LLCs, and other business structures. The process of registering normally entails filing articles of incorporation or organization, paying fees, and acquiring any relevant licenses or permits through the Idaho Secretary of State’s office.
What Does the Idaho Secretary of State Do? Maintaining business and commercial records, registering businesses, conducting elections, and supervising notaries public are all duties of the Idaho Secretary of State. The office also offers tools and information to individuals and businesses regarding state laws and regulations.