How to register a business name as a corporation in Idaho?
Meaning of Idaho Corporation
The corporation is one of the popular forms of business set up, wherein owners have limited liability for the debts and obligations of the corporation to the extent of their respective investment in the corporation. Ownership is represented by share stock and can be transferred very easily to any other person. The corporation has also separate legal entity status from its owners.
Here we will brief the step by step process to incorporate a Corporation in Idaho (Domestic & Profit).
Step 1: Name Reservation for Idaho Corporation
It is advised to check availability of the proposed name before filling from Secretary of Idaho State.
Upon availability of proposed name you may reserve it for 120 days on payment of the prescribed fee by the Idaho State Secretary.
Step 2: Prepare and Submit Articles of Incorporation Idaho
- Article 1- Name of the Corporation: If you have reserved Corporate name, then no need to apply to articles of incorporation. The name of the Corporation must include the word corporation, incorporated, company or limited or abbreviations of these words. Further the name also should be distinguishable from already registered business entities with Idaho State.
- Article 2- Authorized Share Capital:You have to provide at least one authorized shares to incorporate Idaho Corporation.
- Article 3- Registered Agent of the Corporation: Provide the name and street address of registered agent. A registered agent is a person either an individual or business entity located in Idaho State appointed by the corporation for the service of process and other legal communications.
- Article 4- Incorporators of the Corporation: At least one incorporator is required to register a corporation with Idaho State and provide the name and address of all incorporators under this article. Further articles of Incorporation must be signed by at least one incorporator.
- Article 5- Mailing Address:This article provide the mailing address of the corporation. It may be any address within the geographical boundaries of Idaho State.
- Optional Article: You may provide additional information such as name and addresses of directors of the corporation etc.
Step 3: Adopt Bylaws for the Idaho Corporation
By laws are the internal policies and procedure of the corporation for its operation. It is necessary for every Idaho Corporation to prepare and adopt bylaws. Idaho State does not require filing bylaws with the secretary of the Idaho State.
Step 4: Obtain Tax Identification Numbers for Idaho Corporations
- Employer Identification Number: Apply with Internal Revenue Service (IRS) by filling revised SS-4 form or online through the IRS website to obtain an Employer Identification Number (EIN).
- Idaho State Tax Registration: Apply with Idaho State Tax Commission to register a corporation for income tax, sale and use tax etc, if applicable.
Step 5: Obtain Necessary Licenses and Permits in Idaho
The Idaho Business Portal may be used to apply online for any of the following accounts, which may be needed in addition to filing your business with the Secretary of State:
- Unemployment Insurance
- Idaho Income Tax Withholding
- Sales Tax
- Use Tax
- Travel and Convention Tax
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Greater Boise Auditorium District Tax
For local licenses and permits contact with county clerks or relevant officer in the country in which you are operating.
Trade Name or Assumed Business Name Under Idaho Corporation
You can register one or more assumed business name under the corporation with the Secretary of the State Idaho. The form is available at the secretary of the State Idaho Office, Department of Commerce and at the official website. Further, you also have to pay prescribed fee along with the form to register an assumed name.
Conversion from C-Corporation to S-Corporation
Conversion from C-Corporation to S-Corporation You may elect to convert into an S corporation status for tax purposes by submitting Form 2553 with the IRS. The election should be filed within two months and 15 days after the beginning of the corporation's first tax year.
Annual Report for the Idaho Corporation
Every corporation has to file with the Idaho State Secretary an annual report. A reminder card is being issued to all corporations to file annual report. It also includes the due date.
If you have received a Warning card that your Annual Report is past due, you have 60 days to file your annual report and stop the Administrative Dissolution.
You can file you due annual report via online or on paper available at official site of Idaho State Secretary.
Certificate of Good Standing/Existence for Idaho
Certificate of Good Standing sometimes referred as certificate of existence is a conclusive evidence of corporation compliance with legal provision of the Idaho State. You can order such certificate from Idaho State Secretary Office by mail, Fax, telephone, in person or online.
How to Reinstate a Dissolved Idaho Corporation
If the corporation is administratively dissolved you may reinstate it by removing the objects along with form of reinstatement with prescribed fee at the office of Idaho State Secretary
