If it’s between starting a business to make money or waiting for all the ducks to line up, you’re most likely going to start your business. Ultimately, you want to have legal counsel and a CPA because they keep you out of legal trouble. But even with potential violations of law, most will still start their business. So if you’re going to start a business, we’re going to tell you the basics.
BASICS IN STARTING A BUSINESS
Please don’t mistake this for permission. This is set to get you headed on the right track in business. As business owners, we are aware that you might go rogue and open your business without consulting the appropriate people. That said, this is to avoid spinning out of control before you even get off the ground.
- Choose a Name: Make it something you can live with for a long time.
- Choose a business entity: Most of you will begin as a sole proprietor, but reading this page may help you determine if you’re ready for a stronger protection or what the other options are. Click here to learn more
- File Articles of Incorporation: If you are a sole proprietor, that might be the Assumed Business Name, but if you need more, there will be forms and fees. You will use these documents to open your bank account and other vendor accounts you will be using to set up your business operations. This site provides all the links for filing and fees. Click here to learn more
- Appoint a Registered Agent: On a sole proprietor, it will be you. On other business structures, it will be you or another person you appoint. These forms need to be updated annually with the State to they can keep track of you. They will send you notification, but it’s still your responsibility. If you do not keep these records up to date, they will cancel your business license. If you need a Registered Agent and don’t have one, the State offers a list of available Registered Agents. Click here to learn more.
- Tax ID or EIN: These are jargon for Tax Identification Number (TIN) or Employer Identification Number (EIN). If you are a sole proprietor, you will file using your social security number. If you are another structure, you will need your TaxID and EIN. Your best step is to click here to learn more. It will also provide the links to file those forms.
- Prepare an Operating Agreement: This is not necessarily required by they are helpful once the business begins progressing. It provides guidelines from the onset. Banking: Once you have your Articles or legal papers along with your TID/EIN information, you can head over to open your business bank account. Choose a bank that is friendly to business and will work with you. Here is a great page from the SBA about Operating agreements. Click here to learn more.
- Publication Requirements: In places like California you had to file your business name in the paper for a couple weeks. Here in Idaho, it’s not required.
- Comply with Tax & Regulatory Requirements:
AGENCIES THAT WILL FILE YOUR LICENSE & FORMS
OTHER SITES OF INTEREST
IDAHO SECRETARY OF STATE
Secretary of State
450 N 4th
PO Box 83720
Boise ID 83720-0080