Why form an Idaho Corporation?
In order to protect your personal assets from a lawsuit in the event of running your business, you need for form a corporation. By forming Idaho Corporation, you are creating a separate legal entity away from you as an individual. Therefore your personal assets are not vulnerable to a lawsuit. Most corporations are formed in the state where they do business in but certain tax advantages may be had by filing in a different state. A CPA can best advise you on the best state for you to file in.
Naming your Corporation
An Idaho corporate name must contain the word "corporation," "incorporated," "company," or "limited," or the abbreviation its abbreviation. The company may not contain any words stating or implying government affiliation or implying that the corporation is organized for a purpose other than that permitted by Idaho Code and its articles of incorporation. A corporate name must be distinguishable upon the records of the Secretary of State from the corporate name of another corporation or LLC. Written consent must be obtained in order to use a name that is deceptively similar to that of another company if one or more word is added, removed or altered.
S corp status
S corps are generally reserved for corporations who wish to mimic the tax structure of a LLC. The corporation with this tax structure will have pass through taxation. We can file the FEIN application 2553 from the IRS for you.
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