Business Entity Forms Recognized in Idaho

	Sole Proprietorship	Partnership	Limited Liability Co. (LLC, PLLC)	S Corporation	C Corporation
Formed by registering with ID Secretary of State’s office	Registering the business name creates a sole proprietorship
Limited ownership	Only one owner	Two or more owners		100 or fewer owners
May have unlimited owners
Limited liability protection for owners
Requires an attorney to create the business formation legal documents
Must register with Financial Crimes Enforcement Network (finCEN.gov)
Profits pass through to the owner/owners
Owner is personally liable for business debts
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
May issue stock
Files an annual report with the ID Secretary of State’s office