Situated in the northwestern region of the United States, Idaho is the 14th largest, the 12th least populous state in the nation. When it comes to starting a business here, back in 2014, Idaho emerged as the second most small business-friendly state.
Industries that thrive in the Gem State (nicknamed because of its reputation for gemstones) include manufacturing, mining, forestry, but the state is most commonly known for its agriculture, more specifically for its potato crop.
In Idaho, a business may operate as a sole proprietorship, a general partnership, a limited liability partnership, a limited partnership, a limited liability company or a corporation.
Fees:
· Sole proprietorship - $25
· General partnerships - $25
· Limited partnerships - $120
· LLC - $120
· Corporation - $100
So, if you have decided to start a business in Idaho, there are a few basic steps that you will need to follow in order to make the process as easy as possible.
· Research
· Business plan
· Registering with the Secretary of State
· Choosing a method of organization
· Protect Products, Services or Ideas
· Arrange for Income Taxes
· Determine all the Taxes that apply
· Permits, Licenses and Regulations
· Financing your business (One of the last steps of forming your business. If you don’t have personal funds, options like crowdfunding and angel investors are worth considering.)
To test your knowledge about starting a business, please take a look at our short informative quiz!
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