Why Do You Need Idaho Reinstatement For Your LLC Or Corporation?
When a company falls into bad standing, it may have to deal with noncompliance fines and lose the benefits available based on its business type. The Idaho reinstatement process is a chance to restore it to good standing and settle all pending obligations with the state.
What Is Needed To File For Reinstatement?
Reinstating a company requires you to follow a process that the state has set. In Idaho, the first thing the owner of a dissolved company needs to do is to find out what caused the delinquency. It may be one of the following reasons:
- You failed to file the company’s annual report on time.
- Your company did not have a registered agent for a period of 60 days.
- You did not inform the Secretary of State within 60 days that your registered agent resigned and that you have appointed a new one.
Once the Secretary of State finds that there is a reason for dissolution, they will send a notice to your company. You will have 60 days to settle the issue. Failure to solve the problem will lead to administrative dissolution.
When that happens, your company will continue to exist so you can either wind up its activities or reinstate the business. If you choose to do the latter, you will have to submit an Application for Reinstatement and a Reinstatement Annual Report form. You can get a copy by logging in to your SOSBiz account or calling the office of the Secretary of State. You can file online or print a completed copy. You have to submit in duplicates and include the filing fee when you file by mail or in person.
How Much Will It Cost To Reinstate?
LLC – The reinstatement filing fee for LLCs is $30.
Corporation – Administratively dissolved corporations in Idaho have to pay $30 for reinstatement.
How Long Will This Process Take?
LLC – The processing and filing of LLC reinstatement takes a week.
Corporation – The state normally takes a week to finish processing Idaho reinstatement documents.
What Is Required On The Forms?
LLC – You will have to prepare the following information to complete the Application for Reinstatement:
- LLC Name
- Business Type
- Date When The Reinstatement Takes Effect
- Complete Business Address
- Name And Address Of Registered Agent
- Signature Of The Authorized Representative
As for the annual report, you will need the following:
- Company Name
- Business File Number
- Home State
- Old Business File Number, If Applicable
- Name And Address Of The Registered Agent
- Names, Titles, And Mailing Addresses Of The Members Or Managers
- Signature And Title Of The Authorized Representative
Corporation – You will need the following information for the Application for Reinstatement:
- Company Name
- Business Type
- Date When The Reinstatement Takes Effect
- Complete Business Address
- Name And Address of Registered Agent
- Signature Of The Authorized Representative
Prepare the following information for the annual report:
- Company Name
- Business File Number
- Home State
- Old Business File Number, If Applicable
- Name And Address Of The Registered Agent
- Names, Titles, And Mailing Addresses Of The Officers And Directors
- Signature And Title Of The Authorized Representative
What If My Company’s Name Is In Use When I Need To Reinstate?
Administratively dissolved companies in Idaho also risk losing their names to other business entities. When that happens, you will have to use a different one.
How Can DoMyLLC Assist With Streamlining?
Getting your Idaho company back into good standing after the state administratively dissolves it requires you to file an Idaho reinstatement form and follow a certain process. For business owners who have never done so before, all of the steps involved can be a hassle.
If that is the case for you, contact a reliable third-party organization like DoMyLLC. Our team of experts can streamline the process by providing assistance from start to finish. We can give you personalized solutions and live support.
Idaho Reinstatement FAQs
Can you change your registered agent on the reinstatement?
Yes, you can do this in the Reinstatement Annual Report.
How many annual reports can your company fail to submit before the state prohibits reinstatement?
An Idaho company can miss up to 10 annual reports before it can no longer be reinstated.
How long can your company be inactive with the state before it has to start over as a new business entity?
You can reinstate within 10 years after the administrative dissolution. Beyond that, you will have to file as a new business entity.