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Business Entity Forms Recognized in Idaho

Sole Proprietorship Partnership Limited Liability Co. (LLC) S Corporation C Corporation
Formed by registering with ID Secretary of State’s office  Registering the business name creates a sole proprietorship X X X X
Limited ownership Only one owner 100 or fewer owners
May have unlimited owners X X X
Limited liability protection for owners X X X
Requires an attorney to create the business formation legal documents X X X X
Profits pass through to the owner/owners X X  X
Owner is personally liable for business debts X X
Taxation Owner reports taxes on personal tax return Partners report taxes on their personal tax returns Tax reporting passes through to the owner Tax reporting passes through to shareholders Files a company tax return; shareholders pay tax on dividends
Termination Ends 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-going On-going
May be owned by another business X X
May issue stock X X
Files an annual report with the ID Secretary of State’s office X X X
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