Idaho Small Business Development Center

Top Ten to Make Your Business Legitimate in Idaho

This Top Ten list is not about planning, research, feasibility analysis, mission statements, or raising capital.

This checklist is for after all that is done.

1. Choose your business name. If you are not going to use your full legal name, search the Secretary of State’s (SOS) database (www.sos.idaho.gov) to make sure the name is not already ¡n use. Check that the URL (webaddress) is available, and secure it, if that is important. Search is Free.

2. Obtain professional or special licenses, if needed, for your profession or business. The Idaho Biz Wizard can help: http://www.idahobizhelp.org/

3. Choose your business structure such as Sole Proprietorship, LLC or Corp. If SP, file assumed business name (ABN) with SOS. Fee is $25. If one member LLC, file papers with SOS. Fee is $100. If multi member LLC or Corp, see an attorney.

4. Obtain EIN number from www.IRS.gov. Free.

5. Obtain local jurisdiction business license, if required. Lewiston’s ¡s now $80 for 0-5 employees, if no inspection is required.

6. Register for a Sales Tax ID# and other state requirements, such as Workman’s Comp. Free. www. Iabor.idaho.gov/ibrs/i br.aspx

7. Open a Business Bank Account to be used only for business income and expenses.

8. Obtain business insurances.

9. Review IRS Publication # 583 and Schedule C. Decide on your chart of accounts income and expense categories.

10. Decide on your bookkeeping system: paper or computer spreadsheet (expanded check register,) or program like Quickßooks. Implement. Accountants, attorneys, and SBÐC consultants can help. 792-2465 or ISBDC(LCSC. edu

 

Revised 12-10-13