How To Set Up An LLC In Maine (2024 Guide)

As you get ready to start a new LLC, you should do a few things to help save time and money in the process. You don’t want to register a name that is already taken or be in a bind on who the registered agent will be. Plan ahead for the best results.

Check Name Availability

Before you file for a new LLC, you want to ensure that your business name doesn’t infringe on another company’s name. The state won’t allow two businesses to utilize the same name (or too similar of a name) to prevent consumer confusion.

Your business name must include “limited liability company,” “limited company” or an acceptable abbreviation such as “LLC” or “LC.” You can reserve a business name for up to 120 days by completing the Application for Reservation of Name form and paying the $20 reservation fee.

Assign a Registered Agent

A registered agent is a person or business that is given the authority to accept legal documents for your new company. The registered agent must be 18 years of age or older and have a physical address in Maine. You can also hire a commercial registered agent. This service can cost anywhere from $50 to $300 each year but is essential to being a legally registered company with the state.

Reserve Your Website’s Domain Name

Most businesses want a domain name for their website that matches the business name or something pertinent to what they sell or offer. It’s a good idea to spend a few bucks to buy the domain name that best fits your business objectives. You can do this through domain brokers. Most domains are available for purchase for $0.99 to $49.99 per year.

A Maine LLC is registered with the Secretary of State. You’ll file a Certificate of Formation (Form MLLC-6) with the state. The form includes the name of the LLC, the date of filing and the desired effective date of company formation, the name of the registered agent, and designation as a professional LLC, if applicable. It is signed by a person authorized to create the LLC. The cost is $175, and it takes up to 30 business days to process the form. Expedited processing is available for an additional fee.

Mail the form to:

Secretary of State
Division of Corporations, UCC and Commissions
101 State House Station
Augusta, ME 04333-0101

When you have completed the registration, you should do a few other things to form the LLC properly.

Create an Operating Agreement

Maine doesn’t require an LLC to have an operating agreement but does recognize the operating agreement as a governing document for legal purposes if you have one. It is a good idea to create an operating agreement, especially for LLCs with more than one member. This document lists what the company does, how it operates, who the members are and what their roles are. It eliminates a lot of confusion in the daily operations of the company.

Get an Employer Identification Number (EIN)

The EIN is the tax identification number assigned to your LLC by the IRS. You can get an EIN for free from the IRS by applying online. You’ll use the EIN to open a bank account and file tax documents.

Per federal law, most LLC owners must obtain an EIN, which helps the IRS keep track of their tax filings. Single-member LLCs with no employees have the option of using the owner’s Social Security number instead, but all other LLCs must have an EIN. An EIN is nine digits long and is sometimes called a Federal Employer Identification Number (FEIN) or Federal Tax Identification Number (FTIN).

Annual Domestic Filings

You’ll need to file an annual report with the Secretary of State to remain a viable LLC that complies with state rules. This is done by filing the Annual Report – Domestic (Form MLLC-13) with the state. It costs $85 annually to file, and the form is due by June 1.

You can amend your paperwork if you realize that you have made a mistake on the filing documents. This is accomplished simply by filing a Statement of Correction (MLLC-17) and paying the $50 filing fee.

If you are no longer operating as a business in Maine, you may choose to dissolve your Maine LLC. This is also done with the Secretary of State by completing the Certificate of Cancellation (MLLC-11C). There is a $75 fee to process the form and dissolve the company. Make sure to close all bank accounts and tax registrations as well.