Starting A Business (Taxes, Licenses, And Support)

Starting a Business (taxes, Licenses, and Support)

Resources:

Websites:

www.idahobizhelp.org (wizard tool)

www.tax.idaho.gov (Idaho State Tax Commission)

Publications

Starting a Business in Idaho

Steps to Follow

1. Legal Form of Organization

(Single Member LLC)

www.idsos.state.id.us

2. Business License: City Hall

A) Regular Business Hours- $20.00

B) Home Occupation- $20.00

C) Solicitor License- $500.00 Bond, $50.00 Filing Fee, $25.00 per

Day/per Person

3. Taxes

A) Sole Proprietorship

1. Federal: Schedule C Form

2. Legal Identity: S.S. #

3. Self-employment tax, 15.3% of net income

B) Partnership, Corporation, or LLC

1. Federal ID #

2. SS 4

3. irs.gov phone #: 523-8049

C) Sales Tax (Varies depending on Business)

1. IBR-1 Form

2. Idaho State Tax Commission 523-8049

D) Employee’s Taxes (IBR-1 Form)

1. Federal and State withholding taxes

2. Unemployment taxes

3. Workers compensation

5. Assumed Business Name

A. Secretary of State (208)334-2300

B. Banks require registered name

C. Fee $25.00

D. Application: www.idsos.state.id.us

6. Entrepreneur Team

A. Legal Advice: Bill Dupree 356-0180

Legal Form of Business

B. CPA: Steven Hart 356-3716

New Business Start-Up, Quick books Setup and Solutions

C. Small Business Development Centers

www.sba.gov/sbdc

Idaho Falls: Dave Noack 523-1087

Score and Innovation Center (www.score.org) 1-800-634-0245

7. Sources of Funding

A. sba.gov

B. Commercial Banks

C. Angel Investors

www.d eltaangelgroup.com

www.a ngeldeals.com

D. Venture Capitol (Highway 12 Ventures)

E. RDA (www.regalliance.org)

F. ECIPD (sba loans)

8. Additional State and Federal Resources

A. Idaho Department of Commerce

www.idahoworks.com

B. East Central Idaho Planning and Development

Certified Development Company-

Dave Ogden: 356-7358

C. RDA- Regional Development Alliance

www.regalliance.org - Bill Sellers 528-9400

FAVORITE WEBSITES: Entrepreneur Program