Idaho Business Facts
The Gem State generates approximately one-third of the potatoes produced in the United States. One of the biggest sectors is science and technology followed by semiconductor maker Micron Technology MU -3.78%. Other businesses with a major technology presence in Idaho include Hewlett-Packard HPQ +0.05%, Oracle ORCL +0.99%, and ON Semiconductor. Idaho’s energy costs are the lowest in the United States.
Major Companies Headquartered in Idaho
Idaho is the headquarters of many major companies including Albertson’s Inc., Albertsons, Micron Technology, WinCo Foods, and Acme Markets.
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 Corporation, LLC or DBA. 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
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.
You can read more about corporate tax laws in Idaho on the Idaho Department of Revenue Taxation Division site.
Optional Considerations when registering a Idaho business
Ready to register a business in Idaho?
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.
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.
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
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.