How to Dissolve a LLC in Idaho (How to legally Close an Idaho Business)
IDAHO BUSINESS SERVICES CORPORATION Incorporate in Idaho Idaho Professional Corporation Idaho Nonprofit Corporation ID Corporation Foreign Qualification Idaho Corporation Annual Report Idaho Corporation Dissolution LLC Form a LLC in Idaho ID LLC Foreign Qualification Idaho LLC Annual Report Idaho LLC Dissolution OTHER IDAHO BUSINESS SERVICES Idaho Good Standing Certificate Idaho Apostille Idaho DBA Name Idaho Registered Agent ID Corporation Kit and Seal Idaho Certified Copies ID Business Reinstatement ID Company Name Reservation ID Tax Status Compliance Certificate ID Attorney Good Standing Certificate Idaho Property Deed ID Employer Requirements QUICK ENTRY FORMS Idaho Incorporation Idaho LLC ID Professional Corporation ID Nonprofit Corporation ID Foreign Corporation ID Foreign LLC ID LLC Dissolution ID Corporation Dissolution CORPORATE GLOSSARY   Administrative Dissolution Agent for Service of Process Apostille Apportionment Articles of Incorporation Articles of Organization Assumed Name At Will LLC Authorized Shares B Corporation Benefit Corporation Board of Directors Business Dissolution Business Entity Bylaws Certificate of Existence Certificate of Status Certified Copy Close Corporation Common Stock Conversion Corporate Bylaws Corporate Name Reservation Corporate Stock DBA Disregarded Entity Dividends ESOP Excise Tax Federal Tax ID Ficticious Name Foreign Qualification Franchise Tax General Partnership Good Standing Certificate Incorporator Involuntary Dissolution IRS Form 966 ITIN Limited Liability Company Limited Partnership Liquidation LLC LP Majority Shareholder Meetings Merger Nexus Non-Stock Corporation Nonprofit Corporation Obligated Member LLC Organizer Paid-in Capital Paid-in Surplus Par Value Personal Service Corporation Preferred Stock Privilege Tax Professional Corporation Professional Service Proxy Registered Agent Registered Office Reporting Requirements Revocation S Corporation Series LLC Service Mark Shareholder Sole Proprietor Stated Capital Statutory Agent Stock Certificate Term LLC Trade Name Trademark Trust Trustee Winding Up	What is Idaho LLC Dissolution? An Idaho LLC is created when the ID Secretary of State approves the Articles of Organization. A record of the Idaho LLC is added to the list of LLCs which have officially registered with the Idaho Secretary of State.  Once a LLC is registered with the Idaho Secretary of State, that LLC immediately has both reporting and tax obligations which incur penalties if the obligations are not met by the required deadlines.   more... less... An Idaho LLC is created when the ID Secretary of State approves the Articles of Organization. A record of the Idaho LLC is added to the list of LLCs which have officially registered with the Idaho Secretary of State.  Once a LLC is registered with the Idaho Secretary of State, that LLC immediately has both reporting and tax obligations which incur penalties if the obligations are not met by the required deadlines.   If you've registered an Idaho LLC with the Idaho Secretary of State and want to cease business activities you have to let the ID Secretary of State know that you intend to close your company.  Only after the ID Secretary of State has made sure that all of the obligations of the Idaho LLC have been fulfilled will the Secretary of State approve of the closure of the company. When the Idaho Secretary of State approves the closing of an ID LLC, that Idaho LLC is said to be Dissolved.   The process of Dissolving an Idaho LLC is called Idaho LLC Dissolution. Why do I need to Dissolve an Idaho LLC? As soon as an Idaho LLC is registered with the ID Secretary of State, that LLC is responsible for recurring obligations of the Idaho Secretary of State and the Idaho Idaho Tax Commission.  If the Idaho LLC does not file reports or pay taxes then that ID Limited Liability Company could be responsible for penalties which go up as time goes by. Unless you Dissolve your Idaho LLC with the Idaho Secretary of State that ID Limited Liability Company will be responsible for all recurring fees and penalties. What do I have to do to Dissolve an Idaho LLC? Idaho LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.   more... less... Idaho LLC Dissolution is one part of a larger process commonly called the "Winding Up" process. There are things you need to do before you can request approval of LLC Dissolution from the Idaho Secretary of State; and things that you have to do after the ID Secretary of State has approved Dissolution of the Idaho LLC.  What you have to do both before and after the Idaho LLC is Dissolved largely depends on if the Idaho LLC has commenced business and how many assets, debts and liabilities, if any, that the ID Limited Liabilty Company has.  If the Idaho LLC has not commenced business then the ID Limited Liability Company Dissolution process is easier. What do I have to do before I Dissolve an Idaho LLC? Things you need to do before you Dissolve an Idaho LLC.   1. Hold a Members meeting and record a resolution to Dissolve the Idaho LLC   2. File all required Annual Reports with the Idaho Secretary of State   3. Clear up any business debt   4. Pay all taxes and administrative fees owed by the Idaho LLC more... less... 1. Hold a Members meeting and record a resolution to Dissolve the Idaho LLC If the Idaho LLC has any Members then a meeting should be held and a vote to Dissolve the Idaho Limited Liability Company taken. Minutes of the meeting should be recorded and retained in the business records. If the Idaho LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Idaho LLC. We can transcribe and compile minutes or approvals into a form that is legally recognized by the Idaho Secretary of State. 2. File all required Annual Reports with the Idaho Secretary of State The Idaho Secretary of State will not approve the Dissolution of an ID LLC until all required reports have been filed. We can file any required Annual Report with the ID Secretary of State. 3. Clear up any business debts All creditors of an Idaho LLC should be given notice of the pending LLC Dissolution. Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may be submitted. 4. Pay all taxes and administrative fees owed by the Idaho LLC The Idaho Secretary of State will definitely not approve the Dissolution of an Idaho LLC until all outstanding taxes and applicable registration and administrative fees have been paid. less... What do I have to do after I Dissolve an Idaho LLC? Things you have to do after you Incorporate in Idaho.   1. Distribute all remaining assets of the Idaho LLC   2. Close all business bank accounts of the Idaho LLC   3. Cancel all local business licenses and permits   4. File Form 966 with the IRS   5. Cancel the IRS account associated with the ID LLC's Federal Tax ID (EIN) more... less... 1. Distribute all remaining assets of the Idaho LLC If the Idaho LLC has any remaining assets, these may be divided according to the Members' ownership interests in the ID Limited Liability Company.  All distributions to LLC Members must be reported to the IRS. 2. Close all business bank accounts of the Idaho LLC If there are any business accounts that have been opened for the Idaho LLC then those accounts must be closed. If Company Business accounts are left open there may be liability and obligations of the Dissolved Idaho LLC which could lead to legal problems down the line. 3. Cancel all local business licenses and permits of the ID LLC If the Idaho LLC has obtained any state, regional, county or city business licenses or permits, each of those must be cancelled to avoid any reporting or fiscal obligations of the Idaho LLC. This includes business registration licenses as well as reseller permits. 4. File IRS Form 966 Most Dissolved Idaho LLCs must file IRS Form 966 with the US Internal Revenue Service. If an Idaho LLC is required to file IRS Form 966, the filing is required within 30 days after the final Dissolution plan is approved. Filing IRS Form 966 lets the Federal Government know that the Idaho LLC has been legally Dissolved so that it may take the appropriate actions. We can prepare IRS Form 966 for you to file. 5. Cancel the IRS account associated with the ID LLC's Federal Tax ID (EIN) A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Idaho LLC.  Once the IRS links an EIN to an Idaho LLC, that EIN stays with the Idaho LLC even after the Company has been Dissolved by the Idaho Secretary of State. When the IRS processes the final tax return for the Idaho LLC, they automatically make the EIN inactive.  However, the account associated with the EIN is not automatically closed.  Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future. If you should decide to revivie the Idaho LLC down the line then the IRS will reactivate the old EIN for your new Business. Before an Idaho LLC can close an EIN account, it must be in Good Standing with the IRS.  The Idaho LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.  The Idaho LLC cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe. We can prepare the formal documents which you can sign and submit to the IRS in order to close the account associated with your EIN. How long does it take to Dissolve an Idaho LLC? The time it takes to Dissolve an Idaho LLC varies depending on how long it takes to complete the actions that are required in each specific case - holding meetings, closing accounts, distributing assets, etc. Once the initial actions are completed, the Idaho Secretary of State usually takes around 5-7 business days to process the Statement of Dissolution.    more... less... The time it takes to Dissolve an Idaho LLC varies depending on how long it takes to complete the actions that are required in each specific case - holding meetings, closing accounts, distributing assets, etc. Once the initial actions are completed, the Idaho Secretary of State usually takes around 5-7 business days to process the Statement of Dissolution. Processing times for Idaho LLC Dissolution filings vary depending on the work load of the Secretary of State's staff.  We've found that normal processing of Idaho Dissolution filings takes the state around 5-7 business days. PLEASE NOTE: WE CANNOT GUARANTEE IDAHO SECRETARY OF STATE PROCESSING TIMES. We are dependent on, and have no control over, the staff and systems of the Idaho Secretary of State . In our experience 5-7 business days is the time it usually takes the Idaho Secretary of State to process an Idaho Dissolution filing. We get your Idaho LLC Dissolution filing to the ID Secretary of State ASAP. Once it is at the state we have no control over the Idaho Dissolution approval process. How much does it cost to Dissolve a LLC in Idaho? The total cost to Dissolve an Idaho LLC varies depending on exactly what is required for each specific ID Dissolution. We charge $224.00 plus any state fees for our Idaho LLC Dissolution services. This includes: Same day processing Transcribe minutes of Members meeting which proposes Dissolution Prepare and file Statement of Dissolution with the Idaho Secretary of State Prepare US IRS Form 966 for you to sign and file Prepare documents to cancel Federal EIN account Certified copy of Dissolution filing from ID Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support We also offer these Idaho LLC Dissolution services separately as explained on the right side of this web page. What do I have to do if I want to Dissolve a Foreign LLC that is tied to an ID Domestic LLC? If there are Foreign LLCs in states other than Idaho that are tied to the Domestic Idaho LLC then each of those Foreign LLCs must be Dissolved before the Idaho LLC is legally Dissolved. Can I revoke Dissolution after it is approved by Idaho? The Dissolution of an Idaho LLC can be revoked by filing with the Idaho Secretary of State within 120 days of the date on which the Idaho Secretary of State approved the Idaho Limited Liability Company's Dissolution. How long before someone can use my LLC name in Idaho after I Dissolve? An Idaho LLC company name becomes available for anyone to use when the Idaho Limited Liability Company is Dissolved by the Idaho Secretary of State. There are no LLC company name protections in Idaho once an Idaho LLC has been Dissolved by the Idaho Secretary of State. Do I have to publish a Notice of Dissolution of the Idaho LLC? There are no state of Idaho requirements for the publication of a Notice of Dissolution of an Idaho LLC. While the Idaho Secretary of State does not legally require the publication of a Notice of Dissolution of an Idaho LLC, publication is a good way to notify anyone who might have a claim against the Idaho LLC.  Evidence of publication might prove useful down the line if someone makes a claim against the ID Limited Liability Company after the Idaho LLC has been dissolved.	IDAHO LLC DISSOLUTION SERVICES For $224.00 our Idaho LLC Dissolution Services include: Same day processing explain We will start processing your Idaho LLC Dissoltion filing on the same day that you submit your order.  We get your ID LLC Dissolution filing to the Idaho Secretary of State as fast as possible.  Once they get the application, the ID Secretary of State usually takes 5-7 business days to process an Idaho LLC Dissolution filing. Transcribe minutes of Members meeting which proposes Dissolution Prepare and file Statement of Dissolution with the Idaho Secretary of State Prepare US IRS Form 966 for you to sign and file Prepare documents to cancel the Federal EIN account linked to the Idaho LLC Certified copy of LLC Dissolution filing from ID Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support A LA CARTE IDAHO DISSOLUTION SERVICES If you don't need our complete Idaho LLC Dissolution package we offer our Dissolution services separately check the box next to any option, price will be calculated automatically Transcribe Member meeting minutes - $75.00   explain After the decision is made to Dissolve an Idaho LLC, a meeting of all Members of the ID LLC must be held to approve the LLC Dissolution. A majority of LLC Members must approve the Idaho LLC Dissolution plan. The approval actions should be documented and kept in the business records. We will transcribe the minutes of the Member meeting into a format that is legally acceptable in the state of Idaho. We will also compile a formal resolution to Dissolve the Idaho LLC for your records. Prepare and file Statement of Dissolution - $75.00   explain As soon as the preliminary Idaho LLC Dissolution actions are completed we will prepare and file the Statement of Dissolution with the Idaho Secretary of State in the quickest way possible Prepare IRS Form 966 - $65.00   explain Most, but not all, Dissolved Idaho LLCs must file IRS Form 966 with the US Internal Revenue Service. If you are not sure about your specific IRS Form 966 filing requirements you should contact an accountant. If an Idaho LLC is required to file IRS Form 966, the filing is required within 30 days after the final Dissolution plan is approved. Filing IRS Form 966 lets the Federal Government know that the Idaho LLC has been legally Dissolved. We will prepare IRS Form 966 for you to file. Prepare EIN cancellation documents - $65.00   explain A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Idaho LLC.  Once an EIN is linked to a Idaho LLC by the IRS, that EIN stays with the Idaho LLC even after the Company has been Dissolved by the Idaho Secretary of State. When the IRS processes the final tax return for the Idaho LLC, they automatically make the EIN inactive.  However, the account associated with the EIN is not automatically closed by the IRS.  Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account - or with the IRS - in the future. We will prepare formal documents to get your Idaho LLC's EIN account closed as quickly as possible. Processing fees $224.00 Idaho Dissolution fees $11.00 Optional services $0.00 Total cost $235.00 OUR ADVANTAGE We start processing your Idaho LLC Dissolution order as soon as it arrives. We get your documents to the Idaho Secretary of State in the quickest possible way.  We guarantee our work.  If you're not satisfied with our Idaho Dissolution services we will refund 100% of your processing fees. We've been helping LLCs legally Dissolve in Idaho for over ten years.  Our A+ BBB rating speaks for itself! 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