Idaho (United States of America)

The constitution of Idaho provides for three branches of government: the executive, legislative and judicial branches. Idaho has a bicameral legislature, elected from 35 legislative districts, each represented by one senator and two representatives.

• Executive branch: The governor of Idaho serves a four-year term, and is elected during what is nationally referred to as midterm elections. As such, the governor is not elected in the same election year as the president of the United States.
• Legislative branch: Idaho's legislature is part-time. Terms for both the Senate and House of Representatives are two years. Legislative elections occur every even numbered year.
• Judicial branch: The highest court in Idaho is the Idaho Supreme Court. There is also an intermediate appellate court, the Idaho Court of Appeals, which hears cases assigned to it from the Supreme Court. The state's District Courts serve seven judicial districts.

Important industries in Idaho are food processing, lumber and wood products, machinery, chemical products, paper products, electronics manufacturing, silver and other mining, and tourism.

Today, Idaho's largest industry is the science and technology sector. It accounts for over 25% of the state's revenue and over 70% of the state's exports. Idaho's industrial economy is growing, with high-tech products leading the way.

In 2014, Idaho emerged as the second most small business friendly state, ranking behind Utah, based on a study drawing upon data from more than 12,000 small business owners.

Currency:

United States Dollar (USD)

Exchange Control:

Idaho does not separately impose exchange control or currency regulations.

Financial services industry:

The financial services industry has become a key component of Idaho's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.

Idaho has a common law system. The business laws of Idaho are familiar to many lawyers both in the United States and internationally.

Type of Company/Corporation:

One IBC provides incorporation in Idaho service with the common type Limited Liability Company (LLC) and Corporation (C-Corp or S-Corp).

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company and corporation cannot be the same as or deceptively similar to an existing limited liability company or corporate name.

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Idaho or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import)

Company Information privacy:

Personal information such as telephone numbers, email addresses, and social security numbers of business entity members (e.g., officers, directors, managers, members, partners, agents, and employees) is not made of a record with the Idaho Secretary of State.

Just 4 simple steps are given to start a business in Idaho:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Idaho is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

*These documents are required to incorporate a company in Idaho:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Share Capital:

There is no minimum or a maximum number of authorized shares since Idaho incorporation fees are not based on the share structure.

Director:

Only one director is required

Shareholder:

Minimum number of shareholders is one

Idaho company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return

Financial statement:

There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.

Local Agent:

Idaho law requires that every business have Registered Agent in the State of Idaho who may be either an individual resident or business that is authorised to do business in the State of Idaho

Double Taxation Agreements:

Idaho, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Idaho taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

The Idaho Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Idaho must pay the $800 minimum franchise tax

Read more:

• Idaho trademark
• Idaho business license

Payment, Company return due date:

All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.

Corporations:

A Statement of Information must be filed with the Idaho Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months

Most corporations must pay a minimum tax of $800 to the Idaho Franchise Tax Board each year. Idaho Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation’s tax year. Idaho S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation’s tax year.

Limited Liability Company

Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.

Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.