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Meridian Idaho Form Instructions 2553: What You Should Know

Form 1065. This is the most common state filing. An entity is taxed at all tax times as an S corporation. The S corporation tax rate on passive business income paid to the S corporation is 15% of such passive business income. What is the Difference Between an S-Corporation and a Limited Liability Company as an Entity State and federal regulations dictate the legal definitions of an S corporation, corporation, and limited liability company (LLC).  State laws for S corporations and LCS are more restrictive. State law limits the number of owner-shareowners that are  able to be shareholders of an LLC, restricts the types and amounts of passive business income that can qualify a limited liability company as an S corporation, and  permits shareholders in an LLC to be shareholders of the limited liability company. The state of Idaho generally has the following rules for the  entity (individual who wishes to be a corporation) and the limited business entity (business entity). In Idaho, an individual cannot own more than one limited liability company (LLC) and may not own more than one S corporation (corporation). The state of Idaho does not have a state law for registering an S corporation (entity). The Idaho State Legislature passed a law in 2024 (HE 1222) that allows Idaho entities of four members to register as an S corporation, by filing  Form 2553 in accordance with the instructions prescribed in this publication. Each Idaho limited liability company (LLC) and any shareholder of an LLC in Idaho must be registered in person at the office of the Secretary of State or with a filing fee and any other filing fees and tax filings. Idaho LCS and their shareholders can use a simple form, Form 2553, to file their annual report with the Secretary of State, as long as the filing is done with a copy of Form 2553. If an Idaho LLC is not in compliance with a state law, it must have the LLC dissolved. The dissolution fee for dissolution of an Idaho LLC is 1000. For more information on S corporation and LLC taxes, please contact the Idaho Secretary of State, or visit the Idaho Business Center web page ( ).

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