Form a Idaho Corporation
Learn more about incorporating in Idaho. We will assist you with forming your Idaho corporation, the right way. To get started, simply click on “Order Now.” Please feel free to call us, anytime, with any questions.
Incorporating in Idaho
Incorporating in Idaho can be vital to businesses based of Idaho. At LawInc, we prepare your Idaho corporation Certificate of Incorporation, bylaws, stock certificates, stock ledger and more. We can even obtain your Idaho corporation Tax ID number and file your S corporation election with the IRS.
Idaho Incorporation Information
The following Idaho incorporation information will likely be helpful when deciding to incorporate in Idaho.
Idaho Corporation Name
The first step in forming an Idaho corporation is selecting the business name. Idaho corporation names:
- The name must contain the word “corporation,” “company,” “incorporated,” “limited” or an abbreviation of one of these terms.
- May not use the word “company” or “Co.” if it is immediately preceded by “and” or “&”.
- Cannot be deceptively similar to, or similar to the name of any existing domestic or foreign filing entity, or any name reservation or registration filed with the Secretary of State.
An available Idaho corporation name may be reserved for a 4 month period.
LawInc.com permits you to choose up to three names and will conduct a name search for your Idaho corporation, prior to filing.
Idaho Corporation Formation
Idaho Filing Procedure: To incorporate in Idaho, you must file a Idaho Articles of Incorporation with the Idaho Secretary of State.
The Idaho Articles of incorporation should include:
- Corporation name.
- Number of shares of each class to be issued.
- Registered agent address.
- Name and address of the incorporator.
- Corporation’s initial principal mailing address.
Idaho Corporation Authorized Shares: There is no minimum or maximum number of authorized shares since state incorporation fees are not based on the share structure.
Idaho Corporate Directors: The Idaho corporation board of directors shall consist of one or more individuals, with the number specified in or fixed in accordance with the Certificate of Formation or bylaws. A director must be a natural person who is at least 18 years of age. There are no residency requirements for directors. Director names and addresses need not be listed in the Idaho Articles of Incorporation.
Idaho Incorporator: Minimum number of Idaho incorporators is 1 and there is no requirement that the organizer be an Idaho resident.
Idaho Corporation Purpose: According to Idaho Statutes, all corporations are authorized to transact any and all lawful business for which corporations may be incorporated. There is no need to state the corporation purpose in the Articles of Incorporation.
Idaho Registered Agent: An Idaho corporation must maintain a registered agent and office to receive service of process in Idaho. The Idaho registered agent should be available, at an Idaho physical address, during normal business hours to accept important legal and tax documents on behalf of the Idaho corporation. The registered agent can either be (1) a domestic entity or a foreign entity that is registered to do business in Idaho or (2) an individual resident of the state. A Idaho corporation may not act as its own agent.
Idaho Professional Corporation: Pursuant to Idaho law, certain professionals may form professional corporations. Professional corporations may only offer certain services and must comply with certain name requirements.
Idaho Corporation Post-Filing Requirements
Idaho Annual Report: Idaho corporations are required to file an annual report with the Idaho Sec. of State, except the first year of incorporation. The report must reflect:
- Corporation name.
- Corporation street address and registered agent.
- Corporation principal office mailing address; and
- Names and addresses of the corporation’s chief executive officer, chief financial officer and secretary, or individualsholding similar positions.
Idaho Corporate Minutes: Idaho corporations are required to hold and document annual shareholder and director meetings.
Idaho Corporation Taxes
Idaho Corporation Taxes: For information on Idaho taxes, visit: http://www.tax.idaho.gov.
Idaho C Corporation: All Idaho corporations formed by default are “C” corporations. A Idaho C corporation is a Idaho corporation that has not made an election to be an “S” corporation. The term C corporation is specifically used because the entity is taxed under subsection C of the IRS code. Idaho C corporations are taxed at two levels (“double taxation”). This means that the corporation itself pays its own tax when it makes money (the first tax). The owners or shareholders are then taxed again when they are paid a salary or dividend by the corporation (the second tax). Despite double taxation, Idaho C corporations offer many planning and benefit opportunities.
Idaho S Corporation: A Idaho S corporation is a corporation that has made an election with the IRS to be treated for tax purposes as a “pass-through entity.” This means that corporate profits and losses are passed through to the shareholders (owners) who report them on their own personal tax returns and pay the tax at the individual level. The corporation pays no federal income tax at the corporate level. Idaho S corporations are not subject to the double taxation C corporations encounter.
Federal Tax Identification Number/Employer Identification Number (EIN): The Federal Tax Identification Number, also known as the Employer Identification Number (EIN) is a number that is assigned to a business by the Internal Revenue Service. An EIN is like a Social Security Number for a business. It is a requisite for certain business functions such as opening bank accounts or hiring employees. All Idaho corporations should obtain an EIN.
Idaho Corporation Dissolution
State of Idaho: In order to dissolve an Idaho corporation, you must file Articles of Dissolution with the Idaho Secretary of State. An Idaho Department of Revenue clearance is not needed before the Idaho Secretary of State will accept the dissolution.
IRS: Corporations are required to file IRS Form 966, Corporate Dissolution or Liquidation. A final tax return should be filed with the IRS. Form 966 should be filed along with the final tax return.