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Idaho is a state in the Pacific Northwest region, it borders the state of Montana to the east and northeast, Wyoming to the east, Nevada and Utah to the south, and Washington and Oregon to the west. Idaho is 14th largest, the 12th least populous and the 7th least densely populated of the 50 US states. The state's capital and largest city is Boise.
Industries significant for the state economy include manufacturing, agriculture, mining, forestry, and tourism.
Idaho's population was 1,787,065 on July 1, 2018, a 14% increase since 2010. From 2017 to 2018, Idaho grew the second-fastest, surpassed only by Nevada.
English is the state's predominant language. Minority languages include Spanish and various Native American languages.
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.
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.
United States Dollar (USD)
Idaho does not separately impose exchange control or currency regulations.
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.
One IBC provides incorporation in Idaho service with the common type Limited Liability Company (LLC) and Corporation (C-Corp or S-Corp).
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.
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";
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.
There is no minimum or a maximum number of authorized shares since Idaho incorporation fees are not based on the share structure.
Only one director is required
Minimum number of shareholders is one
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.
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.
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
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.
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
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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.
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 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.