Idaho corporations: How to form and maintain your Idaho corporation

Should you form your corporation in Idaho? We've collected the relevant information that will help you make this decision.

Pros

• Low cost of living

• Low cost of doing business

Cons

• Tax rate of 7.4%

Cost of doing business

• $100 filing fee / $0 annual report

Privacy

• One officer must be listed in annual report

Forming your corporation in Idaho

The name In order to communicate to the public that your new business is incorporated, its official name will need to end with one of the following signifiers (or a relevant abbreviation): “incorporated”, “Company”, or “corporation.” In addition, it is required that the name of your business is not intentionally misleading to consumers, for any reason. Your company’s new name must also be completely unique, and not deceptively similar to any other organizations name or trademarks. The terms “survey” and “engineer” are also subject to naming approval by the state’s engineering board. Do a FREE name search now.

Board of directors requirements You will need to form an official board of directors when incorporating in Idaho. Here are the states explicit regulations regarding these directors:

• Required number of directors

  Idaho corporations must have at least one director listed in their incorporation documents.

• Age restrictions

  Directors of corporations located in Idaho must be at least 18 years old.

• Residence restrictions

  There are no residence restrictions imposed on the directors of C corporations in Idaho. However, S corporations are only allowed to have directors located in the United States.

• What information needs to be included in the Articles of Incorporation?

  Idaho does not require the names or addresses of directors to be disclosed in incorporation documents.

Requirements for the Articles of Incorporation

The Articles of Incorporation is a document that must be filed during the incorporation process in every state. Here is the information that must be included in this document when filing in Idaho:

Stock information Idaho requires the number of initial shares outstanding, and their par value, to be disclosed during the incorporation process. The number of outstanding shares does not affect initial state filing fees.

Officer information The state of Idaho does not require officer information to be disclosed during the filing process.

Registered agent information All Idaho corporations must have a registered agent on file, and submit their name and address (which cannot be a PO box). This agent will be required to be accessible during standard business hours, and act as the state’s point of contact with the company. Learn more about registered agents.

If your business is a professional practice Professional service corporations are permitted to form under the professional corporation (PC) structure.

Corporate record keeping requirements

Corporations are required to keep formal documentation regarding several of their operations. These are the explicit record keeping formalities required by Idaho:

• A copy of the Articles of Incorporation, bylaws, and their amendments

• Records that detail the owners and class of all outstanding stock shares

• The address and names of all officers and directors

• Meeting minutes for all shareholder and director meetings over the past three years

• Documentation of all stock related resolutions

• A copy of all written communications and financial reports sent to shareholders within the previous three years

• A copy of the corporation’s most recent annual report

Idaho corporate taxation and fee requirements

There are several tax and fee requirements that must be addressed by corporations in Idaho. They are as follows:

Taxation All states have complex taxation requirements. For more information regarding taxes in Idaho it is advised that you visit the state’s official business related website. 

Annual report requirements Corporations in Idaho are required to file an annual report before the end of its anniversary month each year. There is currently no fee associated with this filing. Learn more about annual reports.

Tax identification numbers Idaho requires an EIN (employee identification number) for all corporations that will have employees, and most banks will require one to open accounts. Idaho does not require corporations to obtain state tax ID numbers. Learn more about EINs.

Business license requirements

The business licenses and permits required in Idaho vary wildly depending on the county or municipality in which your new corporation is located. If you would like to see more in-depth information on licenses and permits, please feel free to visit the content in our learning library that covers business licenses and permits.

S corporation election Idaho does not require a state-level S corp election, as they recognize any elections held at the federal level.

Need an Idaho LLC instead? Click here.