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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$49 + State Fees

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$299 + State Fees

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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

The costs to maintain an LLC in Maine are minimal compared to many other states. An annual report is required, but this must be filed with the Secretary of State’s office. A pre-printed form is available on the Maine Secretary of State’s website. The fee for filing this report is $85 per year, and the cost can easily be written into your budget. In addition to filing an annual report, your business must obtain an employer identification number (EIN) from the federal government. This number is used for everything from filing taxes to hiring employees and opening business banking accounts.

An annual report to the Maine Secretary of State is required for LLCs with more than one member, as well as foreign LLCs. If you have an employee, you are required to file an annual report with the Secretary of State. If you have no employees, you must file for a federal tax ID (EIN) in order to be taxed as a corporation. A one-member LLC can elect to file for taxation as a corporation. To obtain an EIN, you will need to complete an application on the IRS website. This filing fee is $175.

In addition to filing annual reports, LLCs in Maine must pay unemployment insurance taxes. Additional tax information is available from the Maine Department of Revenue. For an annual report, many companies offer this service, and some charge a small fee for this service. It is worth the money, however, because it prevents costly mistakes. You’ll never know when you’ll need to pay a late fee.

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.

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