After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Idaho corporations.
Idaho corporations must keep the following items with their corporate records at the principal place of business:
- The Articles of Incorporation and bylaws and all amendments to both
- Minutes from all shareholder meetings for the past three years
- A record of actions taken by shareholders without a meeting for the past three years
- Resolutions adopted by the directors creating one or more classes or series of shares and fixing their relative rights, preferences and limitations
- All written communications, including financial statements, to shareholders within the past three years
- A list of the names and business addresses of current directors and officers
- The corporation’s most recent annual report
Corporate taxes and fees
The following are taxation requirements and ongoing fees for Idaho corporations:
- Annual report. Idaho requires corporations to file an annual report before the end of anniversary month of the incorporation date. There is no annual report fee.
- Taxes. For complete details on state taxes for Idaho corporations, visit Business Owner's Toolkit or the State of Idaho.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. Idaho does not require a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
Idaho recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional Idaho information
View the following additional resources BizFilings has for forming and maintaining companies in Idaho:
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