Idaho Corporation

Many who are involved in the Idaho agriculture industry eventually reach the point when they decide to open a business. If you are looking to start a business, one of the options you should look into is an Idaho Corporation.

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Filing An Idaho Corporation

There are multiple ways you could choose to structure your new business. Many people find that the Idaho Corporation works well because of the advantages it offers. An Idaho Corporation not only allows a new company to gain instant credibility, but it also provides numerous tax benefits as well.

Steps To Filing A Idaho Corporation

Choose A Name

To create an Idaho Corporation, owners can begin by choosing a name for their new entity. The state of Idaho requires all companies to include an indicator in their name. In this case, indicators such as, “Corporation,” “Incorporated,” “Limited,” “Company,” or an appropriate abbreviation, such as “Inc.,” would suffice. Additionally, the state does not allow two businesses to have the same name. The name that owners choose must be unique. To ensure that they do so, they can utilize the DoMyLLC Name Availability Check Page.

Choose An Agent For Service Of Process

After selecting a name, owners will want to secure a registered agent to serve on behalf of their company. The registered agent accepts all legal correspondence and directs it to the appropriate members. The role of the registered agent is vital to a company’s success, which is why many companies choose to hire a professional third-party company, such as DoMyLLC, to serve in the position.

File Articles Of Incorporation & Pay Filing Fees

Having obtained a name and registered agent, new owners can now begin filing the Articles of Incorporation with the Secretary of State’s office. The filing fee to do so is $100, so long as owners type the form. Otherwise, the cost is $120. There is also an optional $20 expedite fee. Information required on the form includes:

  • Whether the corporation will operate as a benefit corporation
  • The name of the corporation
  • Number of shares the corporation is authorized to issue
  • Name and address of the registered agent
  • Name and address of the incorporator
  • The mailing address of the corporation
  • Optional articles, such as director name and addresses
  • Signature of at least one incorporator

File Initial Report

The state of Idaho does not require a Corporation to file Initial Report. However, were the company to expand across state borders, an Initial Report could be necessary.

Create Corporate Bylaws, Appoint Directors And Hold Meetings

Once authorized to conduct business, members of the Idaho Corporation should hold an initial corporate meeting. In attendance at this meeting should be the initial directors who were listed on Articles of Incorporation. These directors will serve in this capacity on the board until the next annual meeting of shareholders, where directors are up for re-election.

If incorporators chose not to list directors on the Articles of Incorporation, they then are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records.

Once the board is in place, directors can elect officers. They can also define the roles of the organization’s members and draft corporate bylaws. Bylaws are integral to corporate compliance, as a Corporation cannot exist or conduct business until the board has adopted them. Bylaws are private and serve as the internal operating manual for the Corporation. Many banks and insurers require proof of bylaws to work with a Corporation.

Issue Stock

While at the initial corporate meeting, the board of directors should issue stock. The board is responsible for issuing stock throughout the life cycle of the Corporation. The amount of stock that they can issue is defined in the Articles of Incorporation. When issuing stock, the board should establish a stock ledger and begin logging transactions. This will provide transparency to future investors, thereby protecting the corporate veil.

Obtain Employer Identification Number

An Employer Identification Number is required to file taxes, hire employees, and open a business banking account. The Idaho Corporation can obtain the number through the IRS.

File Idaho Required Annual Reports

The Idaho Corporation will also need to file an Annual Report each year. There is no fee to do so. The report is due by the last day of the anniversary registration month. For example, if a company registers on June 2, 2017, the report is due June 30, 2018. Learn more on the
Idaho Annual Report page.

Ongoing Maintenance

Companies must file taxes at the local, state, and federal levels each year. Additionally, they should periodically ensure that their licenses and permits are to-date.

How DoMyLLC Can Assist With Streamlining The Process

At DoMyLLC, we understand how overwhelming administrative and regulatory requirements can become. That’s why we streamline the process for you. Our services include:

  • Name availability check
  • Prepare Articles of Incorporation
  • File Articles of Incorporation with the Secretary of Idaho’s office
  • Provide sample bylaws, meeting notices and minutes for meetings
  • Dedicated account manager
  • Unlimited customer support

If you have just created an Idaho Corporation, or are considering doing so, be sure to contact us today to learn more about our services.