Idaho Business Laws: Everything You Need to Know
Check out some of the Idaho business laws if you want to start your own business in this state.3 min read
2. What Are the Required Licenses and Permits to Start a Business in Idaho?
3. What Are the Other Documents Needed to Form a Business in Idaho?
4. How to Obtain a Professional License in Idaho
5. How to Register an Assumed or Fictitious Business Name (Trade Name)
6. How to Register a Trademark or Service Mark
7. How to Start a Business in Idaho
8. The Four Primary Business Entities
Some of the Idaho business laws are as follows:
- The Idaho Civil Statute of Limitations is a set of guidelines and timelines regarding civil lawsuits and/or claims made within the state.
- Idaho Antitrust Laws support the state's Competition Act, which regulates the existence of trusts, monopolies, and private lawsuits.
- Idaho Interest Rate Laws enforce limits on maximum interest rates among creditors operating within the state, as well as the penalties for ignoring these limits.
- Idaho Wage and Hour Laws regulate anything pertaining to shift duration, wages earned, break allowances, and various other workers' rights.
- Idaho Deceptive Business Practices Law focuses on the Consumer Protection Act, which regulates the behavior of businesses in relation to how they treat their customers.
- Idaho Pyramid and Ponzi Scheme Laws aim to protect investors by preventing the mistreatment of their investments.
Where Can You Get Information if You Want to Start a Business in Idaho?
- The Idaho.gov website has a wide assortment of information available pertaining to business startup, including creating plans, finding funds, and training tools and recourses.
- The Idaho Small Business Development Center (SBDC).
- The U.S. Small Business Administration(SBA).
What Are the Required Licenses and Permits to Start a Business in Idaho?
While not every business requires a business license, many do. One type of license a new business may require pertains to regulatory issues. Licenses and/or permits involving regulatory issues must be issued by the correct agency, such as the Department of Agriculture or the Department of Environmental Quality, depending on which area it relates to. For clarity regarding which category a business covers, the Idaho.gov website has a Regulatory Requirements Wizard tool that can be of assistance.
What Are the Other Documents Needed to Form a Business in Idaho?
Some businesses, including corporations and limited liability companies, are required to file their organizational records with the state. There is a Business Entities portion of the Idaho.gov website that has a more detailed account of what is required.
How to Obtain a Professional License in Idaho
In Idaho, many professions require you to have a license. For a comprehensive list of specific professions, refer to the Idaho.gov website. Each license category will require different permits and documentation. The website provides a detailed account of how to get the necessary license and what is required, depending on the selected category.
How to Register an Assumed or Fictitious Business Name (Trade Name)
Most businesses use names created by the owners rather than their actual name. Similarly, many businesses choose to use a different name than the one they originally registered with. These names are known as assumed, fictitious, or trade names. In Idaho, businesses using assumed names must be registered with the state.
How to Register a Trademark or Service Mark
While trademarks, service marks, and trade names all have separate definitions, their purpose is to distinguish something from others of its kind, such as competitors. Trademarks are handled by The U.S. Patent and Trademark Office.
How to Start a Business in Idaho
- Write a business plan (put the ideas on paper).
- Select a business entity (how the business will be structured).
- Register a business name (consider getting a trademark to protect your name).
- File for an EIN (Employer Identification Number).
- Find financing (apply for bank loans).
- Hire employees.
The Four Primary Business Entities
- Sole proprietorship involves a single person starting their own business. When compared to the other entities, this option is the cheapest and simplest to initiate. The downside to this option is that the owner holds unlimited liability, which means they are held personally, and therefore financially, responsible for the company.
- General partnerships involve two or more people starting their own business. Unlimited liability similarly exists in this type of entity, with all partners being held financially responsible.
- A corporation exists separate from the individual(s) involved in starting the business. This option is more taxing and costly than the previous options, but in the case of a lawsuit or other downfall, the owners are not held personally accountable.
- The limited liability company is a combination of the previous entities, providing liability protection for the individual as well as the simplicities of a proprietorship.
If you need help with Idaho business laws, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.