It may be both thrilling and challenging to launch a business. Selecting a name for your company will be one of your first choices. However, what if your company is already set up as an LLC or corporation? Do you still require a distinct company name? Here is why the answer is indeed “yes.”
Your brand can be built and customers can locate you more easily if you have a distinct business name. A good company name should be catchy, simple to say, and appropriate for your sector. Additionally, it might assist you in standing out from rivals and winning over prospective clients.
But what about companies like “John Smith Consulting LLC” that conduct business under their owner’s name? While this could be adequate for some small firms, it can restrict your ability to grow. Having a unique business name might help your firm stand out to investors or buyers if you ever decide to grow or sell your company.
Let’s now discuss how to launch a business in Idaho. The Small Business Administration claims that Idaho is a fantastic spot to launch a business. The state’s economy is expanding, its cost of living is low, and its company taxes are little. In recent years, Idaho’s gross domestic product (GDP) has actually consistently outperformed the national average.
You’ll be relieved to learn that forming an LLC in Idaho is a rather simple process if you’re thinking about doing so. Articles of Organization must be submitted to the Idaho Secretary of State, along with a $100 filing fee. Idaho normally takes 5-7 business days to process LLC filings.
The state of Idaho levies a corporate income tax at a rate of 6.925%. But because LLCs are pass-through businesses, revenues and losses are distributed to the owners and recorded on their individual tax returns. Additionally, Idaho has a 6% sales tax, and local taxes and levies may also apply to companies.
Let’s finally discuss the Idaho TAP. Businesses can file and pay their taxes, examine account information, and get in touch with the Idaho State Tax Commission through the online portal known as the Idaho Taxpayer Access Point (TAP). All companies doing business in Idaho must open a TAP account.
In conclusion, even if you’ve previously registered your business as an LLC or corporation, using a different business name can help your brand and growth potential. With a rising economy, cheap company taxes, and a low cost of living, Idaho is an excellent spot to launch a business. In Idaho, forming an LLC is a fairly simple process, and companies can use the Idaho TAP portal to file their taxes and communicate with the state tax commission.