Idaho is one of the few states in the United States of America that recognize the professional corporation (PC) as a legal business structure. Unlike a regular corporation, a PC is created by licensed professionals who undertake a business endeavor to provide a professional service.
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Creating a PC is an attractive option for licensed professionals as it provides greater legal protection and other benefits. If you are interested in forming a professional corporation in Idaho, here are the steps to take.
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Step 1: Choose your business name
Firstly, you need to choose a business name for your PC. The name must be available with the Idaho Secretary of State. To comply with Idaho law, the name of your PC must include one of the following:
- Professional Corporation
- Chartered
- Professional Association
- Limited Liability Company
In addition to the above, the name must not be deceptive or too similar to an existing business entity operating in Idaho.
Step 2: Choose your board of directors
Once you have selected a name, you need to choose your board of directors. In Idaho, there is no requirement for all directors to be licensed professionals. However, some professions require a licensed professional on the board.
Regardless, it is imperative to choose individuals you trust and who understand the objectives of the PC.
Step 3: File Articles of Incorporation
The third step is to file Articles of Incorporation. This document includes basic details about the PC including:
- The name of the PC
- The number of authorized shares
- Contact information of the registered agent
- Names and addresses of the board of directors
You can file the Articles of Incorporation online through the Idaho Secretary of State’s website. You will also need to pay a filing fee.
Step 4: Perform Other Business Entity Registrations
Depending on the nature of your business as well as the industry you intend to operate in, there may be licensing and registration requirements. For instance, licensed professionals must obtain a certificate of authority from Idaho’s Licensing Bureau. If your business activities require certification or licensing, consider performing your entity registration after this step.
Step 5: Obtain Necessary Licenses and Permits
Another essential step to forming your PC successfully in Idaho is obtaining all the necessary licenses and permits you need to operate. The requirements vary depending on the nature of your business, but it is vital to do your research and obtain all the permits and licenses to avoid legal complications.
Step 6: Follow Idaho’s Rules and Regulations
Finally, it is essential to adhere to Idaho’s corporate rules and regulations. You must file annual reports and maintain your business entity in good standing. It is essential to keep track of regulatory changes and continue to observe formalities.
Conclusion
Forming a PC in Idaho can be a great leap for many licensed professionals looking to protect themselves from potential personal liability as they offer professional services. With a clear understanding of the steps outlined above, creating your professional corporation in Idaho will be a relatively smooth process.
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