LLC Cost in Maine – How Much to Pay for an LLC


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Perhaps you are hoping to form a Maine LLC. People assume that starting an LLC is difficult and costly. However, it’s generally not difficult, and the cost would vary across states. We have all the info you need to know about the cost of forming an LLC, particularly the LLC cost in Maine.

Maine LLC Cost of Filing

Here are the costs involved in forming an LLC in Maine.

Cost of Filing Formation Certificates

The Maine Certificate of Formation is responsible for the majority of the cost, which could also vary depending on whether you’re forming a domestic LLC or a foreign LLC. Still, you can file both at the Maine Secretary of State

Maine Domestic LLC

Maine Foreign LLC

Note that filing online is ideal, not only because you need to go to the Secretary of State office, but also it would be faster. You won’t have to wait in a queue in doing so. Unfortunately, there is no online filing in Maine.

Maine LLC Formation Service or Registered Agent Fee

You need a registered agent to form an LLC in Maine, hence, added costs for service fees. Here are three of the best LLC services on our list that will provide you with registered agents to ease your worries.

LLC Service

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$99 per year

  • Standalone registered agent service

  • Take you through all steps

  • LLC formation package available

$125 per year

  • 1 year free service along with LLC formation package

  • Fast service

  • Flat rate, no hidden cost

Business Permits and Licenses 

The business licenses depend on your business’s activity and location and are renewed yearly. As such, the cost will vary. Check the Maine Department of Revenue for licenses required for certain types of businesses.

Maine LLC Taxes to be Paid

In Maine, other than the filing fee, LLCs have to pay some taxes. Overall, the tax burden on LLCs is much lesser than the other corporates. Here are some of the taxes to be paid when you are in Maine.

Sales and Use Tax

The State of Maine imposes a sales tax at the standard rate of 5.50% with no additional local or county rates. If your business includes products selling, the sales tax is imposed on the total amount of your taxable sales.

State Income Tax

Any money that you pay to yourself in the form of salary as a business owner in Maine, you will be required to pay State Income Tax at the rate of 5.8% to 7.15%, depending on the amount of income earned.

Employer Tax

If you hire employees in the State of Maine, you are required to register for Employee Withholding Tax on behalf of your employees.

Federal Self-Employment Tax

The LLC business owners in Maine are required to pay self-employment tax on their business profits. The current tax rate for self-employment is 15.3%.

Other Costs

How Much Does It Cost to Maintain an LLC in Maine

To maintain an LLC in Maine you will need to pay an annual fee of $85 along with sales tax at 5.5%, income tax at 5.5% to 7.15% and federal taxes.

There are several different fees to keep an LLC in Maine. First, you must choose a name for your company. To ensure that you can use the name of your choice, you should check to see if the business name is already taken. If not, you can hire a service to act as the registered agent. Then, you must file for a Certificate of Formation. This process will cost you $175. Once this is completed, your business is officially open for business.

Then, there are annual reporting requirements. Both foreign and domestic Maine LLCs must file annual reports with the state. Filing these reports is simple and will keep the state up-to-date. You will need to pay about $85 for this annual filing, but you can choose to use a third party to file the report for you. The state will also charge you with ongoing business taxes. For a Maine LLC, the annual reporting fees are minimal.

In addition to paying fees for filing annual reports, you must also pay the unemployment insurance tax. You can also get additional information about taxes from the Maine Department of Revenue. Lastly, you must pay a fee for the annual reporting service of reputable companies. For this, you should opt for a reputable company. These fees will be worth it in the long run. If you are unsure of how much it will cost you to file an annual report in Maine, it’s best to consult with an attorney to get the answers.

The fees for an LLC in Maine are relatively low, and you can plan ahead to avoid unnecessary expenses. While there are fees for Maine LLC registration, these are usually one-time fees. Ultimately, these fees can help you manage your company’s budget while keeping your business in good standing. You should also consider hiring a third-party organization to handle the process for you. This way, you’ll avoid any surprises.

Once you’ve formed your LLC, you’ll need to file annual reports with the Secretary of State. Generally, it costs about $175 to file an LLC in Maine. You can save money by hiring a registered agent service or an affordable business formation company. These services will also oversee the filing of your Certificate of Formation. In addition to a Maine LLC formation service, you can hire someone to handle all the other necessary work.

When you start your business, you should first reserve the name of your company. The Maine Secretary of State maintains a database of business names. To reserve a name, you must file an Application for Reservation of Name (MLLC-1) with the Maine Secretary of State. This application must be sent by mail or in person. If your name is already taken, you can continue forming your LLC with a different name.

You must also appoint a registered agent for your Maine LLC. The registered agent is a person or organization with a Maine address that receives legal correspondence and service of process. The registered agent may charge a fee to handle these activities, depending on the type of service. DoMyLLC, for example, charges $99 per year for registered agent services. There are other legal obligations you must maintain, but these are only a few of the most significant costs.

F.A.Qs

Can I start an LLC for free?

It is possible to form an LLC without professional help, but forms still have associated costs, regardless of where your LLC is formed.

Is an LLC expensive?

It is difficult to say whether forming an LLC is expensive. Nevertheless, the cost could be anywhere from $40 to $500. If you refuse to hire professionals, you’ll still have expenses like form fees to cover.

Does an LLC need a bank account?

The need to separate personal money from business funds, thus necessitating the creation of a business bank account for your LLC.

In Conclusion

The cost of Maine is much lower compared to other forms of business. Apart from the state filing fees and annual taxes, you might bear the cost of the registered agent. Compare the price of professional LLC services and choose the most affordable one.

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