Boise and Nampa’s business law firm provides guidance to aspiring business owners
Boise and Nampa’s business law firm insists that unless you own, or plan to own a large business that operates in many states, it’s best to set up a business in the place where you already live. As an Idaho resident, you can enjoy multiple business benefits including:
What benefits do you enjoy about opening a business in Idaho?
- Lower costs of registering a business
- Registered agents
- Reasonable Taxes
The costs of registering a business
Incorporating in a state different than where the business operates will need you to register in each state where you offer your goods or services. The registration process involves filling out an application with the correct governing body in all relevant states, which is typically at the Secretary of State’s office. Keep in mind that the cost of registering a business varies from state to state. For example, it costs $100 to register a business in Idaho regardless of whether it is domestic (in the state) or foreign (already registered in another state). The cost is often more in other states.
Registered agents
A registered agent is a person who is legally responsible for receiving notices on the corporation’s behalf. An instance is when a corporation is being sued; the lawsuit has to be served upon a real person. The registered agent is listed in the governing state agency’s records as the person to receive this kind of notice. When you incorporate in your state, you can be listed as the registered agent for your business. But if your business was registered in a different state and you operate in Idaho, then you will have to hire an individual to serve as the registered agent in the state where your corporation was incorporated. Also, when you register your corporation as foreign in Idaho, you must also list a registered agent in the state. That said, it’s best to register your business in the state in which you reside and to list yourself as the registered agent for your corporation.
Taxes
Needless to say, all states don’t tax corporations equally. It is why larger corporations incorporate in Idaho. But unless your entity is large and produces a great deal of revenue, it is easier and simpler to incorporate in the state in which you reside for tax purposes. Remember that taxes go beyond income and can include sales tax for goods sold directly to the public. The varying sales tax rates for every state can be a good reason for determining which state is best to incorporate. But it is easier to keep track of the sales tax that you generate in the state you reside. Still, a business law attorney can provide further guidance.
Work with Boise and Nampa’s best business law firm
A business lawyer can provide personalized advice based on your specific circumstances. Work with Boise and Nampa’s best business law firm when incorporating your business. It prevents any surprises down the road and makes sure you are in the right standing with the relevant laws.
Jacobson & Jacobson Law Firm, since 1982, is committed to serving the Boise and Nampa, Idaho areas for your top Criminal Defense, Personal Injury, Business Law, Estate Planning, Family Law, Immigration Law, and Litigation needs. Contact us today to get started. For a free 30-minute consultation, book here: https://calendly.com/jfj-1