If you are looking to incorporate in Idaho, then CorpNet has the services available to assist you. The authority for incorporating in Idaho falls under the Secretary of State, Corporations Division. The types of business structures available are Limited Liability Partnership, Limited Partnership, Corporation, Nonprofit Corporation, Professional Service Corporation, Limited Liability Company, and Professional Limited Liability Company.
Five basic steps to incorporate in Idaho
Forming a corporation in Idaho starts with reserving an entity or corporate name. This vital step prevents name replication. First, search to make sure your company name is vacant. You can use the free CorpNet company name search.
The name itself has to be distinguishable from any other Idaho business entities as well as any reserved names that are on record. The name cannot contain any language that implies that the corporation is intended for a purpose other than that it states in its articles of incorporation.
The name must also include either the words “Incorporated”, “Corporation”, “Company”, or “Limited.” It can also include an abbreviation of one of these.
It is possible to put a name on reserve so that you can have rights to it for a limited amount of time.
Register your corporation (or LLC) with the Secretary of State. CorpNet offers filings of the Articles of Incorporation (for corporate structures) and for LLCs, Articles of Organization. If you are going to have employees or make sales, you also have to register your business with the Idaho Industrial Commission, State Tax Commission, and the Idaho Department of Labor.
Entity professional licenses are required for corporations, LLCs, LLPs and LPs in certain professional categories. Make sure that you have the right licenses before proceeding.
Hold the first official meeting for the corporation or LLC and adopt the bylaws. This is a legal meeting and must be recorded as such. (See section below about officers and documentation.)
Apply for a Federal Employer Identification Number (EIN) under the corporate name. You will also have to arrange for a bank account under this number for your accounting purposes. Your financial institution will more than likely wish to see a copy of the EIN as well as a certificate of registration from the Secretary of State.
Foreign and Domestic Corporations
A foreign corporation is a corporation registered in another state that does business in Idaho. Foreign corporations and LLCs that wish to apply for a Certificate of Authority to do business in Idaho have to tender an application as well as a Certificate of Existence to prove that their business is in good standing elsewhere. The Certificate of Existence can be acquired from the office or agency in the state where the Articles of Incorporation were first filed.
Domestic corporations are those formed in Idaho.
Officers and documents
Corporations in Idaho must have one or more directors. Their names are not required to appear in the articles of incorporation. Any change (address or ownership) must be filed with the Secretary of State.
Corporate officer titles are decided on by the bylaws or the board of directors. It is possible for one person to hold several titles. The board of directors may amend, repeal, or adopt bylaws as needed unless the shareholders reserve this right according to the bylaws. The corporation keeps its bylaws at its main office and does not have to file them with the government.
Every Idaho corporation has to have a registered agent. This is the person that receives the official correspondence from the state. The registered agent has to be a resident individual of Idaho or a corporation that has the authority to conduct business transactions in the state. If you change the registered agent, you must inform the Secretary of State’s Office.
Every year, a report must be filed with the Idaho Secretary of State before the end of the month in which the corporation as incorporated. The annual report must include the names of the directors, the name of the corporation, the name of the registered agent, and the address.
Domestic Business Corporation Application – This is the articles of incorporation filed with the Secretary of State. For foreign corporations, the filing is called: Application for Certificate of Authority.
Application for Name Reservation – This form can be filed online. It searches for name availability and reserves a business name for up to 120 days.
Notice of Change for Officers, Directors, Shareholders – This is one of a couple of different forms that are used to alter or change information concerning the corporation. Others include the Certificate of Correction, Articles of Amendment, and Restated Articles of Incorporation.
Registered Agent or Registered Agent Address Statement of Change – Because the registered agent is the contact person between the corporate body and the State of Idaho, any changes must be documented with the Secretary of State.
Certificate of Election to Dissolve – The form used to dissolve a corporation. Other forms exist for mergers and consolidation.
Forming a corporation online
Incorporation in Idaho can seem like an intimidating undertaking. However, it is very possible to incorporate online by filing the appropriate forms in the right order and this can be dealt with through our services. We offer complete packages to establish your corporation or LLC without leaving out any key steps or documents. Mistakes can be costly and time consuming and should be avoided when possible.
Incorporating online is as effortless as providing some preliminary information and deciding on which kind of corporation fits your requirements. CorpNet is there to help you establish a corporation in Idaho and one-year Registered Agent Services is customary in our packages. As an added benefit, we include unlimited customer support.