ID Business Facts
As one of America’s important agricultural states, Idaho actively produces close to a full third of all the potatoes grown in the US. Every type of spud from wheat, to soft white, hard red and dark northern spring are grown in the state. Idaho is home to such major industries as lumber and wood production, food processing, machinery, paper and chemical products, electronics manufacturing, mining, and tourism. The world’s largest processor for barrel cheese is located in Gooding, Idaho. The factory is capable of producing 120,000 metric tons of barrel cheese each year.
Major Companies Headquartered in Idaho
Although Idaho is known as the Gem State, it is home to some of the nation’s largest corporations, including Micron Technology, WinCo Foods, Lamb Weston Holdings, Boise Cascade, and J.R. Simplot, to name a few.
Idaho is one of the most competitive states in terms of business. It currently ranks No. 22 in Forbes’ 10th annual Best States for Business. In 2017, Idaho ranked No. 28. Some of the major industries in the Gem State include lumber/wood products, food processing, chemicals, paper, mining as well as tourism.
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Idaho, but we highly recommend you do the following before searching Idaho state databases:
NOTE: Familiarize yourself with the Idaho naming guidelines. LLC entity names need to contain the words Limited Liability Company or the abbreviation LLC, and certain words are restricted or prohibited.
Restrictions on Idaho Business Name & Business Purpose
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in Idaho.
How to form an LLC in Idaho
TIP: Speak to your tax advisor about this important issue because it adds complexity to your LLC most people would rather avoid.
How to Incorporate in Idaho
Considerations when incorporating or forming an LLC in Idaho
How to File a DBA in Idaho
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
TIP: We will obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Top 5 Major Banks in Idaho
TIP: Our business formation service includes a free banking resolution for your use.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection. Click here to view our preferred provider of business insurance online.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: Idaho LLCs are required to file a Periodic Report with the Idaho Secretary of State every year by the anniversary of the date the LLC was formed, in addition to general taxation. Information on your business’ taxes can be found here.
Corporation: Corporations in Idaho should file a report with the Secretary of State of Idaho each year by the anniversary of the date they were incorporated.
Business Entities (for Corporation and LLC filings)
PO Box 83720
450 N. 4th Street
Boise ID, 83702
Phone Number: (208) 334-2301
Idaho Taxation Departments
Idaho Labor and Employment Departments
Idaho Startup Resources
1. Small Business Administration (SBA) Idaho District Offices
2. SCORE Idaho
3. Idaho Legal Statutes
5. Idaho Business Portal
6. Angel.co Idaho Startups
7. Idaho Business News
9. Idaho Small Business Association
10. Idaho Green Business Program
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