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To form an Idaho S corp, you'll need to ensure your company has an Idaho formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.

LLCs can have an unlimited number of members; S corps can have no more than 100 shareholders (owners). Non-U.S. citizens/residents can be members of LLCs; S corps may not have non-U.S. citizens/residents as shareholders.

If there will be multiple people involved in running the company, an S-Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S-Corp allows the members to receive cash dividends from company profits, which can be a great employee perk.

LLC ownership is personal property to its members. Therefore the operating agreement and Idaho state laws declare the necessary steps of membership removal. To remove a member from your LLC, a withdrawal notice, a unanimous vote, or a procedure depicted in the articles of organization may entail.

Idaho LLCs taxed as S-corp Like a regular LLC, the S-corp is taxed as pass-through entity, which means S-corps don't have to pay the usual corporate income tax. However, unlike regular LLCs, S-corps reduce amount of self-employment tax (15.3%) owed by making distributions (payments) to their members.

While this is not an exhaustive list, it is a great place to start. File the Annual Report. The first thing you need to understand is that you have already gone to the effort in creating your LLC. ... Keep Good Written Records. ... Follow all Corporate Formalities. ... Enlist an Idaho Business Attorney to Help You.