Take in all this scenic beauty because this week we’re Idaho bound! Idaho is home to an abundance of sprawling mountains, lakes, rivers, and numerous outdoor attractions. Its nickname, “The Gem State,” comes from the roughly 72 types of precious and semi-precious gems produced in the state. Due to its many outdoor marvels, Idaho attracts roughly 20 million tourists each year which equals big opportunities for small businesses.
If you’re ready to head to the Northwest and incorporate in Idaho, here are a few tips and resources from the Idaho Secretary of State to help you get started.
1. First things first, choose your business entity type. Common legal structures include limited liability companies (LLC), corporations, general partnerships, limited partnerships, and limited liability partnerships (LLP). Forms for these entities are available from the Idaho Secretary of State and a rough outline is provided to help pick your business entity.
2. Depending on your business entity, you will need to file the appropriate paperwork and pay a filing fee. If you are filing an LLC, you need to file the Articles of Organization and pay the $100 filing fee. The process for filing a corporation is similar except you need to file the Articles of Organization which also includes a $100 filing fee.
3. The Idaho Secretary of State offers online services for entrepreneurs that include filing your annual report, the ability to conduct a business records search, and instructions for ordering a certificate of existence. For annual reports, you will receive a reminder card in the mail that notifies you when your report is due. If your annual report is past due, a warning card will be issued declaring that you have 60 days from the date the card was issued to file your annual report. Failure to comply in a timely manner may result in your business being dissolved.
4. Need help finding a registered agent? The Secretary of State has got your back with a list of RAs available in Idaho on their site. Additional forms are available to file for those that need to change the address of their RA or for registered agent resignation.
5. Still feel overwhelmed on how to start your small business? You’re in luck! The Idaho state government has created a simple four-question quiz that determines the correct business entity for you and provides you with a list of forms and regulations that your business needs to follow. The quiz can be found at the Idaho Biz Help
Has this post inspired you to open your own small business? If so keep updated on all things Idaho and follow the official state of Idaho’s Twitter page for all the latest news!
Thinking about starting a small business in Idaho? Give us a call at 1(877) 692-6772 or visit us at mycorporation.com if you have any questions about forming a business or the regulations required.
Welcome back to the 50 States of Incorporation, Rebooted where we share what it takes to start a business in each of the 50 states. Join us biweekly for advice on how to start an LLC or corporation across the United States.