How To Incorporate In Idaho
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1. Choose a Name for Your Idaho Corporation
Check on Available Names in Idaho: You need to find a unique corporate name for your business before you can incorporate in the state of Idaho. You need to choose a name that is not already in use by another corporation. You can do a search of online records and databases as well as other catalogs to determine that the name that you have chosen is unique. You can search a database of Idaho businesses at Idaho Corporation.
Reserve a Corporate Name: If you have found that the corporate name that you have chosen is not in use in Idaho, you may want to reserve the name until you are able to incorporate. You can find and download the application to reserve a corporate name online at Reserve Idaho Corporate Name. There is a $20.00 filing fee to reserve a corporate name. You will need to submit the name reservation application form to the office of the Secretary of State in Boise.
Filing Trademarks and Doing a Corporate Name Search: You should realize that even though the name that you have chosen to use to incorporate your small business may not be in use by another business in Idaho, another company in another state could be using the same name. There might be some restrictions on the corporate name that you have chosen. You will probably want to consult an attorney to learn more about these possible restrictions. See our article on how to choose a name for your corporation.
Idaho Corporate Name Requirements: To incorporate your small business in Idaho, the corporate name that you choose must include the word “corporation,” “incorporated,” “limited,” “company” or an abbreviation of one of these words.
2. Find a Registered Agent in Idaho
An important part of preparing to incorporate your small business in Idaho is choosing a registered agent for your corporation. Your registered agent will act as an agent for service of process and will be responsible for receiving legal and tax documents for your corporation. You may want to look into using the registered agent services of a corporate service company. There are various corporate service companies that provide registered agent services for a fee. Go to Idaho Corproate Register Agent to find more information about companies that provide registered agent services.
3. File Articles of Incorporation with the Idaho Secretary of State
Minimum Requirements: Now that you have your corporate name and your registered agent, you are ready to prepare Articles of Incorporation for your small business. You can find printable and fillable versions of the Articles of Incorporation form online at Idaho Corporate Set Up.
When you prepare the Articles of Incorporation document for your corporation in the state of Idaho, you will need to give the corporate name that you have chosen, the number of shares authorized by your corporation, the name and address of your registered agent, and the name and address of at least one incorporator. You also need to give the mailing address of your corporation’s main office. The Articles of Incorporation must include the signature of at least one incorporator.
Other Idaho Legal Provisions: Once you have satisfied the minimum requirements for the Articles of Incorporation, you can think about including other legal provisions in the document. It is a good idea to consult an attorney for assistance in determining what additional legal provisions may be appropriate and beneficial for your company.
Where to Submit Form: You should submit the completed Articles of Incorporation form to the office of the Secretary of State, located at 700 West Jefferson, PO Box 83720, Boise ID 83720-0080.
Filing Fee: If the document is typed, the filing fee is $100.00. If the document is not typed, the filing fee is $120.00. If you require expedited service, there is an additional $20.00 fee.
4. Create Other Idaho Incorporation Documents (Corporate Kits)
Once you have submitted the Articles of Incorporation to the Secretary of State, you can prepare to take certain other actions, which may include appointing officers and directors, adopting corporation bylaws, issuing stock certificates, and obtaining a tax ID number. You might also need to acquire a business license and other relevant licenses.
You can also create other types of corporate documents such as buy-sell agreements, shareholders agreements that determine when stock can be sold, and documents that indicate what will happen if an owner leaves the company. These documents become especially important when the corporation has multiple owners. An attorney can help you to comply with all the legal requirements that apply to your corporation when you are preparing these documents. There are also various corporate service companies that can assist your corporation to prepare these types of legal documents for a fee. You might consider using a corporate services company when you are preparing documents for your corporation.
5. Qualify Your Idaho Corporation to Do Business in Other States
If the main office of your corporation is located outside of the state of Idaho, you will most likely need to register or qualify your corporation to do business in other states. Most other states do require you to qualify your corporation to do business in the state and require you to pay taxes in your home state. You can learn about how to qualify your corporation to do business in other states online at Qualifying to do Business in other states.
6. Make Annual Filings and Pay Annual Fees and Taxes in Idaho
Once your corporation is officially registered in the state of Idaho, you will be responsible for filing an annual report. On this report you will provide updated information about your corporation, your registered agent, your officers and directors. There is no fee to file this report in Idaho. You can file online at Idaho Corporate Tax.
You will also be responsible for paying Idaho state income taxes. The minimum corporate tax is $20.00. You need to file a corporate income tax return for your corporation and pay the necessary taxes. An accountant can help you in preparing your tax documents so that you avoid mistakes that could cost you hundreds of dollars in extra taxes. You can get information about the tax requirements for corporations in Idaho at the official website of the Idaho State Tax Commission at Idaho Corporate Tax.
It can be complicated to incorporate a small business, especially when there are multiple owners. However, if you consult an attorney and an accountant during the incorporation process, you can feel more confident that your paperwork will be prepared correctly.
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This site is for informational purposes only and does not constitute legal, financial or tax advise. The information on this site should not be relied upon as an official source of information and should be independently verified.