Starting a business in Idaho is a never ending responsibility and by now, I bet you already know that. Building an Idaho small business is a challenging task; you need to extend your patience, exert as much effort as you can and learn how to wait to be able to create a business with a strong foundation.
Incorporating in Idaho is the first step to fortify your startup, however, your job doesn’t just end there; there are still a lot of things that you must accomplish.
I’m sure, learning how to incorporate in Idaho was not easy, but if you want to legally and officially start your Idaho startup smoothly, you need to complete your requirements in order.
Whether you’re trying to learn how to start a business in Idaho or you’re done with the incorporation process and wondering what comes next, you’ve come to the right place!
Other than writing a solid business plan, we’re going to talk about some important additional requirements that you need to comply/obtain so you can launch your Idaho small business as soon as possible. Here are the 5 things you need to do after incorporating in Idaho!
An Employer Identification Number (EIN) is a 9-series number required by the state government of Idaho to all businesses operating within the state. Similar to a Social Security Number for individuals, the EIN is an essential requirement that enables the Internal Revenue Service to monitor your business activities as well as your state taxes.
Aside from this, the EIN is also a requirement when opening business bank accounts, hiring employees and filing for income tax returns. The EIN is a fairly easy requirement to obtain, you can get it for free at the IRS website.
To be given the go signal so start your Idaho startup officially, the state of Idaho require that you obtain permits and licenses necessary for your business type. Aside from your business permits and licenses, you may also have to present one or more occupational or professional licenses.
Permits and licenses generally differ based on jurisdiction, however, there are common ones that are required in all states such as building, health, signage, alarm and zoning permits to mention a few. For further assistance, you can visit your local county clerk’s office.
Consulting a tax professional is not a mandatory requirement to start an Idaho small business, but it will definitely help you deal with your state taxes. A tax professional will help you understand Idaho tax regulations and guide you of your responsibilities as a business owner and taxpayer. He/she will also explain to you available tax options and tax benefits and deductions.
If you need further assistance, most tax consultants also offer other services such as tax preparation, federal and state tax legislation compliance, tax computation and lower your tax liability.
Tax period is one of the most difficult times of the year for entrepreneurs, it would definitely be a great help if you have someone who has the knowledge of business laws and taxes to back you up.
Opening a business bank account is essential for three reasons: to separate personal and business expenses, receive payments, checks and other forms of payment under business income and consistently establish your Idaho small business as an independent and separate entity.
Having a business bank account will also help you build a credible financial history and credit line. Also, if you want to keep track of your business expenses better, you might as well apply for a business credit card. By doing so, you’ll have concrete records of all your transactions.
You’ve thought about your business name long and hard, it’s only fitting to trademark your creation and protect it in all 50 states. Once you incorporate in Idaho, your business name will automatically be protected within the state, therefore, it’s no longer available for use by other businesses. Trademark your business name and get exclusive rights.
For the good of your Idaho small business, you have to make sure that you have completed every legal process and submitted every document that the state requires. The state of Idaho is against businesses who do not follow the state’s business law and failure to comply may put your startup in jeopardy. Even if your business is incorporated, you will not be given protection if you violate these state requirements.
As I mentioned, running a business is a lifelong responsibility and your job continues on even when you’ve operated it for many years. You are required by the state to stay compliant for the lifetime of your company, fulfilling yearly documents and reports and renewing of business permits and licenses. Maintain your good reputation and business standing by not missing out on any of these requirements.