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What is the purpose of an LLC?

A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.

How long does it take for an LLC to get approved in Idaho?

You can get an LLC in Idaho in 7-10 business days if you file online (or 2-3 weeks if you file by mail). If you need your Idaho LLC faster, you can pay for expedited processing.

Does Idaho recognize single-member LLC?

A few business types, including banks and insurance companies, cannot be LLCs. Operates under a legal contract between the owners called an Operating Agreement. All LLCs, including single member ones, need a legal Operating Agreement created by an attorney that conforms with Idaho law.

What are the benefits of an LLC in Idaho?

Benefits of starting an Idaho LLC: Create, manage, regulate, administer and stay in compliance easily. Easily file your taxes and discover potential advantages for tax treatment. Protect your personal assets from your business liability and debts. Low cost to file ($100)

What classification is a single-member LLC?

For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.

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