Add Comments To Legal Idaho Startup For Sole Proprietorship Forms For Free

In Idaho, a sole proprietor can use their own legal name or a trade name? also known as an "assumed business name" or "doing business as" (DBA)?to conduct business. If you plan to use an assumed name or trade name for your business, it can't be the same name as any other company currently registered with the state.

A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.

A sole proprietorship provides no legal separation between itself and its owner. The owner will receive all its profits and be accountable for all its losses and debts. An LLC, on the other hand, gives its members limited liability, protecting them from being held personally liable for its financial obligations.

All businesses, including home based ones, need to register their name and entity type with the Idaho Secretary of State before engaging in business. The exception is sole proprietors who use their full name as part of the business name. Those who use only their last name must register.

Though no action is required to legally create a sole proprietorship, you should follow four simple steps to start your business: Choose a business name. File a Fictitious Business Name Statement with your county. Apply for licenses, permits, and zoning clearance.

Register Your Business in Idaho If you're registering a sole proprietorship, you only need to file your assumed business name with the Secretary of State's office. This form costs $25 to file online.