Filing an annual report is a requirement for all limited liability companies (LLCs) and corporations in Idaho. An annual report keeps the state informed about your business and who’s associated with it. If your Idaho business is an LLC or a corporation, you must file the report yearly by the end of your company’s anniversary month to keep your business in good standing. We’ll explain how to file an Idaho annual report and give you all the information necessary to make sure this yearly compliance requirement is taken care of.
Table of Contents
- What is an Idaho annual report?
- Idaho annual report for corporations vs LLCs
- Where do I file my Idaho annual report?
- When is the Idaho annual report due?
- How much does the Idaho annual report cost?
- What information do I need to file my Idaho annual report?
- What happens after I file my Idaho annual report?
- What if I miss the deadline to file my Idaho annual report?
- Who do I contact if I have issues filing my Idaho annual report?
What is an Idaho annual report?
An Idaho annual report is a document that must be submitted to the Idaho Secretary of State’s office every year. The report provides the state with details about your LLC or corporation, such as its address and contact information for important people.
Most states require corporations and LLCs to file an annual report to keep track of who is doing business there, and how to contact them. At any time, the state may need to get in touch with a member or director of your business. To do so, they need up-to-date contact information.
Idaho annual report for corporations vs LLCs
The state of Idaho requires all LLCs and corporations to file an annual report. The documents that are filed are the same whether a corporation files the annual report or an LLC files it. There is no fee for either entity to submit the report to the state.
The annual report is due by the end of a company’s anniversary month. If you can’t remember when you officially set up your LLC or corporation in the state, you can find the date by looking up your company profile on the Idaho Secretary of State website.
Where do I file my Idaho annual report?
Annual reports are filed with the Idaho Secretary of State. The state has an online portal for owners to submit business filings, such as an annual report, called SOSbiz. The state is asking that all annual reports are filed digitally. You can still submit a paper report, but to get one you have to visit the Secretary of State’s office in person at 450 N. 4th St. in Boise. Be mindful that their business hours may have changed during the pandemic, as of this writing (December 2020).
If you’re new to the SOSbiz system, you’ll need to set up an account. This list of FAQs on the state website can help you create an account.
Once an account is set up:
- Log in.
- Click My Records.
- Click on your company’s name.
- Select File an Annual Report.
- Follow the prompts to verify or update the information that’s on file with the state.
You’ll go through about seven pages of information, but they’re short. You’ll electronically sign the document and submit it.
For a physical version of the report, you can send it to the business office:
P.O. Box 83720
Boise, ID 83720-0080
Annual reports are considered public record. Anyone can search for and view the information provided on the report. Members of the public can search business filings on the Secretary of State website.
When is the Idaho annual report due?
Your Idaho LLC or corporation must file the annual report by the end of the company’s anniversary month. A company that registered with the state on November 10, 2020, for example, must file an annual report by November 30, 2021.
Idaho used to send yellow and orange postcard reminders to business owners, but the state eliminated them in 2018. Now, the state sends reminder emails to businesses about one to two months before the report is due. While many businesses do receive the reminder emails, don’t rely on it. The email may get sent to an old email address, or it could end up in your spam folder. It’s a good idea to set up your own reminder or utilize an annual report service to file the report for your company.
Failure to file this report could result in the state dissolving your business.
How much does the Idaho annual report cost?
Idaho does not charge any fees to file an annual report.
What information do I need to file my Idaho annual report?
To file an annual report, you’ll need several pieces of information about your business:
- Entity name exactly as it is filed with the state
- Business address
- Registered agent name and address
- Governor’s name and address (if a corporation) or member’s name and address (if an LLC)
A registered agent is a person or company that accepts legal documents on behalf of your company.
If you’ve changed your business name, you can’t update that info with the State of Idaho by filing an annual report. To update a company’s name, you must file an amendment.
What happens after I file my Idaho annual report?
One of the reasons the state switched to an online filing system is to process business filings faster. Reports filed online are processed instantly. Reports filed by mail or delivered in person take about a week to process.
Once the report is filed, the state sends a confirmation email and the task is complete for another year.
What if I miss the deadline to file my Idaho annual report?
Business owners who miss the deadline are given a 60-day grace period. The state sends out a reminder email to help the business comply, but again, this is your responsibility. If a business owner files the report within the grace period, the job is done until next year.
If a report is not filed after the grace period, the state will administratively dissolve the business. This removes all liability protections enjoyed under an LLC or corporate status.
A dissolved business can be reinstated in Idaho by filing a reinstatement form. You can do this online by creating an account on the state’s website, then logging in and searching for the form. You must then complete the form online and pay a fee. You can also file a paper form (which can only be completed in-person) and pay a fee to the Secretary of State.
Who do I contact if I have issues filing my Idaho annual report?
Having trouble filing your report? You can call the business services department within the Secretary of State’s office at (208) 334-2301.
Filing Your Annual Report FAQs
- How much does it cost to file an annual report in Idaho?
The state of Idaho does not charge any business to file an annual report.
- Are there any fees for filing the Idaho annual report late?
Idaho does not charge any fees if you file late.
- What happens if I don’t file my annual report at all in Idaho?
If a business doesn’t file an annual report at all, the state will dissolve the entity structure after 60 days. Once dissolved, a business loses all of the benefits and liability protections afforded to it under its structure.
Once a business is dissolved, the business name becomes available for someone else to claim after six months.
To revive a dissolved business, the owner must file a reinstatement form with the state and pay a $30 filing fee. The form can be submitted through the SOSbiz portal.
The processing time for a reinstatement form is up to 10 days, even if it’s submitted online. An owner can pay an extra $40 to expedite the process or an additional $100 to get same-day service.
- If my business is closed, do I still need to file the annual report?
As long as the owner filed a termination notice with the Secretary of State, the company doesn’t need to file an annual report. However, if a company closes but doesn’t inform the state by filing the correct documentation, the company is still responsible for filing annual reports.
- How long does the Idaho annual report process take?
It takes minutes to file an annual report online. The online forms are already populated with information that you’ve provided in the past. You simply confirm the information on file or make changes. The processing time is instant when delivered through the state’s business portal, SOSbiz.
While filing an Idaho annual report doesn’t take much of your time, it is another requirement in a long list of requirements for business owners.
- Do Idaho annual reports need original signatures?
No, like many states, Idaho is willing to accept electronic signatures that are generated through the business portal.
- Who must file an Idaho annual report?
Anyone with authority at your company. This can be the company owner or a registered agent.
- Are new businesses in Idaho required to file an initial report?
No. Companies do not need to file initial reports, which are annual reports filed during the first year of doing business. A company’s first annual report is due one year after it was officially set up through the state.