Official Government Website

Business Entity Forms Recognized in Idaho

Sole ProprietorshipPartnershipLimited Liability Co. (LLC)S CorporationC Corporation
Formed by registering with ID Secretary of State’s officeRegistering the business name creates a sole proprietorship
Limited ownershipOnly one owner100 or fewer owners
May have unlimited owners
Limited liability protection for owners
Requires an attorney to create the business formation legal documents
Profits pass through to the owner/owners
Owner is personally liable for business debts
TaxationOwner reports taxes on personal tax returnPartners report taxes on their personal tax returnsTax reporting passes through to the ownerTax reporting passes through to shareholdersFiles a company tax return; shareholders pay tax on dividends
TerminationEnds on the owner’s retirement, death or bankruptcy. Assets are distributed according to the owner’s will or a court order.Terminates with the death, retirement or bankruptcy of one partner unless the partnership agreement states otherwise.Termination depends on the terms of the Operating Agreement.On-goingOn-going
May be owned by another business
May issue stock
Files an annual report with the ID Secretary of State’s office
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