LLC Cost In Maine 2023: Reviews & Free Guides
The cost of starting a Maine LLC is a huge factor to consider while deciding whether a limited liability company is right for your business entity. If you’re trying to figure this information out, this guide should help.
LLC owners should continue reading to learn how much it costs to file the legal documents they need to create a valid professional LLC with the Maine Secretary of State and Maine Revenue Services.
We’ll also tell you how using a registered agent service to fill out your Maine business forms and start your LLC online could be an option to save time and get your Maine LLCs up and running faster.
So, without further delay, let’s get into it.
What Is an LLC in Maine?
Small business owners who value personal liability protection and improved tax situations may benefit from starting a limited liability company.
A Maine LLC is a way that you can transact business as an individual or business entity. With a Maine LLC certificate, your personal assets will be protected and you may enjoy more favorable situations regarding taxes and flexibility as a business owner.
Your limited company can have more than one member or you can hire employees after the fact through a separate business entity authorized to do it. It’s all the same to the internal revenue service, The Maine Secretary of State, and your business insurance provider.
Read More: Best LLC Formation Services In Maine 2023
LLC Cost in Maine
To start an LLC in Maine, you need to pay various filing fees with the government agency that oversees these things – The Maine Secretary of State.
We’ve broken down all of the filing fees that you may need to pay on your LLC’s behalf to get a valid business license and ensure that your LLC’s official legal status remains in good standing.
Maine LLC Filing Fee
First, you’re going to have to pay an overall filing fee for your limited liability company. This costs $175. If you want the Maine Secretary of State to process the paperwork faster, you can pay to have the certificate of formation expedited.
It costs an extra $50 to get a 24-hour turnaround on the operating agreement for your Maine limited liability company, and an extra $100 if you want to have a professional LLC immediately after filing your certificate of formation.
Maine LLC Annual Report Fee
As a Maine LLC, you will also be responsible for filing annual reports with your federal tax identification number. The filing fee for this is $85 for domestic companies and $150 for a foreign LLC that has filed a certificate of formation in Maine.
Registered Agent Fee
You will need a registered agent to remain in good standing with the Maine Secretary of State. You can either hire a registered agent service, which may cost between $100 and $300 annually, or become your own registered agent.
Cost to Form a Foreign LLC in Maine
If you have a foreign company that you want to turn into a Maine LLC, then the filing fee will be $250. Keep in mind, your annual report as a foreign company with a certificate of formation in Maine will cost more to file as well.
Business Permits and Licenses
There is no fee for a basic seller’s permit in the state of Maine. But the fees associated with other kinds of licenses can vary. It depends on the kind of business you plan on running in the state.
There are professional services available to help you figure this out after you’ve filed your operating agreement and set up a business bank account. Many will also provide support with operating agreements, federal taxes, and Maine LLC annual reports, among other business expenses and filing fees for charitable or educational purposes.
You will also be responsible for a variety of taxes as an LLC owner in Maine. You may face an additional fee or additional state filing fees in some situations. With that in mind, here’s what you need to know about taxes from the Secretary of State in Maine.
Sales and Use Tax
Sales tax in Maine is 5.5% for the vast majority of businesses. However, there are some state-division businesses with an assumed or fictitious business name that may have to pay higher sales tax, such as companies in the marijuana industry.
State Income Tax
Maine’s state income tax ranges from 5.8 to 7.15%. Individuals making more money will have to pay more to the Secretary of State and the IRS. That means you may be closer to 5.8% if you run a low-profit LLC.
Federal Self-Employment Tax
The federal self-employment tax is 15.3%. You will need to pay self-employment tax on your federal income taxes as a self-employed business owner in Maine.
Other LLC Filing Costs
Finally, there are some other LLC filing costs outside of your annual report and operating agreement that may come up. Here are the ones you should know about.
LLC Name Reservation Fee
If you want to reserve a name for your new LLC before filing your operating agreement or certificate of formation, then it will cost you $20 to do so.
“Doing Business As” (DBA) Name
You can also put a DBA name on file after completing your operating agreements. This costs $125 unless you’re a nonprofit. In that situation, it would cost you $25.
Business Domain Name & Website
The cost of registering a business domain and building a website can vary a lot based on the services you use and the perceived desirability of your chosen business domain. You can speak with your LLC’s registered agent if you’d like to learn more.
Certified Document Copies
If you need certified document copies after completing an online filing option during regular business hours, then it will cost $8 per certified document in processing fees, $5 for the certification, plus $2 per page for normal processing.
You also have the option of paying $100 for expedited immediate processing, but this may not work for your bank account
Certificate of Good Standing (Certificate of Compliance)
If you want a certificate of good standing when applying for something like a business credit card or customer contact cover letter, then it will cost you $30.
Articles of Organization Fee
Maine charges a fee of $175 to file articles of the organization after you create an operating agreement for personal asset protection.
Attorney fees can vary quite a bit based on the lawyer you hire and how much work they need to put in on your operating agreement Maine, business name, or other professional services.
Tax ID Number (EIN)
It doesn’t cost anything to set up an employer identification number. You can do this for your business name entirely online with an assumed or fictitious name.
6 Basic Steps to Start an LLC in Maine 2023
If you’re still interested in starting an LLC in Maine after seeing how much it costs to do so, then this section is for you. We’re highlighting the main steps you need to go through in order to set up an LLC in the state.
Choose a Name for Your LLC in Maine
The first step is choosing a business name to attach to your physical address and connect with your federal employer identification number (EIN). This must be a name that isn’t already in use by another LLC in the state.
Choose a Registered Agent in Maine
The next step is choosing a registered agent. This is the person that will accept important documents on behalf of your business. You can be your own registered agent to save money or hire a service to save time.
Read More: Best Maine Registered Agent 2023
File Organizational Paperwork With the State
The next step is to file your organizational paperwork with the state. This is when you’ll provide the main pieces of information about your company and pay the main LLC filing fee in Maine.
Obtain a Certificate from the State
Once you’ve filed your paperwork, then you can simply sit back and wait to receive a certificate from them saying that your LLC is now valid. This can take a few weeks. But if the state’s office needs any more information about your business they’ll let you know.
Prepare an LLC Operating Agreement
Now you’re ready to get your operating agreement filled out. This step is pretty straightforward. You simply find the form online (or through your registered agent service) and input the information that it requests.
Obtain an EIN for Your LLC in Maine
At this point, all that’s left to do is to obtain an EIN for your new LLC so that you can be in good standing with the IRS. You can do this entirely online at no additional cost, so it’s a pretty easy step.
The Top 2 LLC Services in Maine
|Northwest Registered Agent||ZenBusiness|
|Award||Best Overall||Best Customer Service|
|Pricing||Free – $275 annually + filing fees||Free – $299 annually + filing fees|
|Detail||Read Review||Read Review|
Northwest Registered Agent
Northwest is a highly-rated business services provider that can help you start an LLC from ground zero. They’ll tell you everything that you need to fill out and file it with the state as soon as you do.
Northwest also offers various other kinds of services, such as help with different types of business documents and compliance issues. These can be helpful if you want an ongoing partner to guide you through the legal side of running an LLC in the state of Maine.
Zen Business is another great option that will help you get your LLC up and running as quickly as possible. They’ll even do this for free if you pay for their registered agent service. ZenBusiness also provides ongoing assistance with accounting, taxes, and more.
This company also offers after-hours customer support, something most of its competitors don’t. That could be a difference maker depending on when you enjoy conducting business.
Launching an LLC in the state of Maine could make a lot of sense if you want to enjoy greater personal asset protection and a superior tax situation while running your company. We hope this guide has given you all of the pricing information you need to make this decision.
At the end of the day, although it does cost a good amount of money to get your LLC started, you get some nice ongoing benefits in exchange for that price. So there’s a good chance that this will tip in your favor in the long run.
Whatever you decide to do, we hope that this guide has helped you make a more informed decision.
Frequently Asked Questions (FAQs)
It costs a baseline filing fee of $175 to get your initial paperwork filed in Maine. But you may face additional charges as a foreign LLC or if you’re looking for expedited service.
Yes, you don’t have to hire a company to help you form your LLC. You can file all of the paperwork on your own to save money, although it will take up more of your time to do so.
Yes, every registered agent in the state of Maine must have a registered agent. That can either be you, someone else in your business, or a professional provider like Northwest or Zen Business.
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APPLICATION FOR RESERVATION OF NAME. maine.gov. Accessed January 30, 2023. https://www.maine.gov/sos/cec/forms/mllc/mllc1.pdf
Title 13-C, §401: Corporate name. legislature.maine.gov. Accessed January 30, 2023. https://legislature.maine.gov/statutes/13-C/title13-Csec401.html
Welcome to Annual Report Online. apps1.web.maine.gov. Accessed January 30, 2023. https://apps1.web.maine.gov/cgi-bin/online/aro/index.pl
IRS. Apply for an Employer Identification Number (EIN) Online | Internal Revenue Service. Irs.gov. Published 2014. Accessed January 30, 2023. https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
Maine Corporations Division. www.maine.gov. Accessed January 30, 2023. https://www.maine.gov/sos/cec/corp/llc.html
Maine Department of the Secretary of State. www.maine.gov. Accessed January 30, 2023. https://www.maine.gov/sos/
| Maine Revenue Services. www.maine.gov. Accessed January 30, 2023. https://www.maine.gov/revenue/