For any entrepreneur, deciding to close a business may be a challenging and emotional process. To ensure a smooth and legal procedure, there are specific legal actions you must do if you have decided to close your business in Utah. The following steps will show you how to close your business in Utah:
You must submit Articles of Dissolution with the Utah Division of Corporations and Commercial Code as the initial step in terminating your business in Utah. The filing fee is $70, and both online and postal filing are acceptable. Your business name, the justification for the dissolution, and the dissolution’s effective date must all be included in the Articles of Dissolution. Your company will be formally dissolved once the Division of Corporations and Commercial Code accepts the Articles of Dissolution.
2. Terminate your company’s licenses and permits
All of your business licenses and permits must be canceled with the state of Utah and any local regulators. This includes any professional licenses or permits, your business registration, and your sales tax license. Additionally, you need to cancel your business insurance policy and inform your insurance provider.
3. Alert Your Debtors and Creditors Inform your debtors and creditors that your company is closing. Pay off all of your debts before closing all of your business credit cards and bank accounts. Before closing your business, pay off all outstanding obligations or invoices.
4. Submit Your Last Tax Returns Your final tax returns must be submitted to the Internal Revenue Service (IRS) and the Utah State Tax Commission. Additionally, you should settle any unpaid taxes before terminating your company. If you don’t, there may be fines and interest. Can a business name be registered but not used?
You can indeed register a business name even if you never use it. The legal specifications for registering a business name in Utah must be followed, nevertheless. You cannot register a business name that is already in use, and if you are conducting business under a name other than your legal business name, you must complete a DBA (Doing Business As) form with the state of Utah. Can Two Companies Use the Same DBA Name?
No, in Utah, two companies cannot share the same DBA name. A DBA is used to identify a business and set it apart from rival enterprises. Customers and clients may become confused if two businesses share the same DBA name. Therefore, you must confirm that your DBA name is distinct and not being used by another company. How Does a DBA Operate?
A DBA (Doing Business As) is a legal term used to describe a company that is conducting business under a name other than its registered one. If you are conducting business in Utah under a name other than your registered business name, you must submit a DBA form to the state. You can carry on business under a different name using a DBA without setting up a new legal corporation. How Do I Register a Business from Another State in Utah? If you want to conduct business in Utah with a company that is already registered in another state, you must register as a foreign entity with the Utah Division of Corporations and Commercial Code. Your business name, the state in which it is registered, and the name and address of your registered agent in Utah must all be included on a Certificate of Authority that you must file. In addition, there is a $70 filing charge. You are able to lawfully conduct business in Utah as a foreign entity once your registration has been granted.
In conclusion, it can be difficult and upsetting to close a business in Utah. However, the process can be streamlined and made less stressful by adhering to the legal procedures described above. Additionally, knowing the rules for registering a business name and an out-of-state company will help you stay out of trouble and run your company legally in Utah.
You must submit an Application for Reinstatement to the Utah Division of Corporations and Commercial Code in order to reinstate a foreign corporation in Utah. The name of the foreign corporation, the date of revocation or withdrawal, the justification thereof, and a declaration that the reasons therefor have been remedied must all be included in the application. You would also be responsible for paying any fines and costs due to the state. The website of the Utah Division of Corporations and Commercial Code contains more comprehensive information.