In order to launch a business in Utah, you must register with the government. Fees must be paid, and papers must be submitted. The actions you must do in order to register a business in Utah are as follows: 1. Decide on a business structure, such as an LLC or a sole proprietorship. For small business owners, a limited liability company (LLC) is a common option. It offers simplified taxation while also providing personal security from corporate debts and lawsuits. Contrarily, a sole proprietorship provides no personal protection and is subject to personal income tax. 2. Select a company name: Your company name must be original and not in use by another company in Utah. On the Utah Secretary of State website, you can see if the name you want is available.
3. Register your company with the Utah Division of Corporations and Commercial Code. For a sole proprietorship or an LLC, you must file articles of organization or a business registration. Online or mail-in filing is an option. An LLC must pay $70 in filing fees whereas a sole proprietorship must pay $22. 4. Obtain the required licenses and permits: Depending on the nature of your business, you might need to apply for extra licenses and permits from the state of Utah or your local government. Sole proprietorship vs. LLC
Your choices for the tax structure and personal liability should be taken into account when choosing between an LLC and a sole proprietorship. An LLC enables a more flexible tax structure and offers personal protection from corporate obligations and lawsuits. A solo proprietorship is subject to personal income tax and provides no personal protection.
Yes, a US LLC is permitted to own overseas firms. It is referred to as a subsidiary. Owning a foreign firm, however, can have further legal and tax repercussions. What does Foreign Register mean?
The practice of establishing a business in a state other than the one in which it was first established is known as a “foreign register.” For instance, a company that was established in California but wishes to conduct business in Utah would have to register as a foreign corporation there.
A company that was established in one state but conducts business in another is referred to as a foreign corporation. For instance, a company that was established in California but conducts business in Utah would need to register as a foreign corporation there.