Should you form your LLC in Maine? We've collected the relevant information that will help you make this decision.
- Taxed as a partnership
- Low cost of living
- Low cost of doing business
- Low number of startups within state
- Among "Worst States for Business" (Forbes 2016)
Cost of doing business
- $175 filing fee / $85 annual statement
- Managers must be listed in original filing
Forming an LLC in Maine
In order to communicate to the public that your new business is an LLC, its official name will need to end with one of the following signifiers (or abbreviation of): “Limited liability company”, “LLC”, or “L.L.C.” In addition, it is required that the name of your business is not intentionally misleading to consumers, for any reason. Your company’s new name must also be completely unique, and not deceptively similar to any other organizations name or trademarks. Do a FREE name search now.
The owners of an LLC are called “members.” The following information must be required regarding your LLCs members:
- Required number of members
Maine LLCs must have at least one member or manager listed in their incorporation documents.
- Age restrictions
LLC members in Maine may be of any age.
- Residence restrictions
There are no residence restrictions imposed on LLC members in Maine.
- What information needs to be included in the Articles of Organization?
Outside of the principal member, LLC Members in Maine are not required to list their name or addresses in their Articles of Organization. However, manager names and addresses must be listed.
Requirements for the Articles of Organization
The Articles of Organization is a document that must be filed during the LLC formation process in every state. Here is the information that must be included in this document when filing in Maine:
Registered agent information
All Maine LLCs must have a registered agent on file, and submit their name and address (which cannot be a PO box). This agent will be required to be accessible during standard business hours, and act as the state’s point of contact with the company. Learn more about registered agents.
If your business is a professional practice
Professional service companies are permitted to form under the professional limited liability company (PLLC) structure.
Maine LLC taxation and fee requirements
There are several tax and fee requirements that must be addressed by LLCs in Maine. They are as follows:
All states have complex taxation requirements. For more information regarding taxes in Maine, it is advised that you visit the state’s official business related website.
Annual report requirements
LLCs in Maine are required to file an annual report every year before June 1st. The cost of this filing is currently $85. Learn more about annual reports.
Tax identification numbers
Maine requires an EIN (employee identification number) for all LLCs that will have employees, and most banks will require one to open accounts. Maine does not require LLCs to obtain state tax ID numbers. Learn more about EINs.
Business license requirements
The business licenses and permits required in Maine vary wildly depending on the county or municipality in which your new LLC is located. If you would like to see more in-depth information on licenses and permits, please feel free to visit the content in our learning library that covers business licenses and permits.
Need a Maine corporation instead? Click here.