An official registration of a business name used by sole proprietors, partnerships, or LLCs is known as “doing business as,” or DBA. A DBA is valid in Utah for five years before needing to be renewed. A DBA must be renewed annually or the business may forfeit its legal right to use that name.
It is a quick and easy process to renew a DBA in Utah through the Utah Department of Commerce’s website. Sixty days previous to the expiration date, a renewal notice will be delivered to the business owner’s registered address. The renewal charge is $22 and the business owner must submit any changes to the business name or ownership as well as their current contact information.
Although a DBA is not generally necessary for Utah enterprises, it might be helpful for those who wish to conduct business under a name other than their legal name. For instance, John Smith, a sole proprietor, would prefer to go by the moniker “Green Thumb Landscaping” rather than “John Smith Landscaping.” He can utilize that name for his firm in a legal manner by registering a DBA.
Yes, Utah requires LLCs to pay state taxes. The corporate income tax rate in Utah is 4.95% for companies with yearly revenues over $250,000. Utah’s personal income tax rates, which vary from 4.95% to 5.00%, also apply to LLCs that are taxed as pass-through entities (i.e., when profits and losses are reported on the owner’s personal tax return).
Additionally, other taxes including sales tax, use tax, and employment taxes may apply to LLCs in Utah. To be sure they are fulfilling all of their tax duties, business owners should speak with a tax expert. How Much Must You Earn in Utah in Order to File Taxes?
If their gross income reaches a specific amount, Utah citizens must file a state income tax return. The limit is $12,200 for single taxpayers under the age of 65. The limit is $24,400 for married taxpayers filing jointly. However, even if a taxpayer’s income is within these limits, if they have taxes withheld from their paychecks or if they qualify for certain tax credits, they might still need to submit a tax return.
It’s crucial to remember that in Utah, these thresholds only apply to state income taxes. If a taxpayer’s income is above a specific threshold determined by the IRS, they may still be required to file a federal income tax return.
Yes, having a worker in Utah can provide a company a nexus, or a physical presence. This indicates that on sales made to clients in the state, the company might be obligated to gather and submit Utah sales tax. Nexus may also subject the company to Utah income tax liabilities.
It’s critical for companies to comprehend their nexus responsibilities in Utah and other jurisdictions where they conduct business or have a physical presence. Penalties and fines may apply if state tax regulations are broken.
By submitting an application to the Utah Division of Corporations and Commercial Code, a business in Utah that has been administratively dissolved (i.e., is no longer in good standing with the state) may be brought back into compliance. A Certificate of Correction as well as any outstanding annual reports and fees must be submitted with the application.
Depending on the type of corporation and how long it has been dissolved for, the price to restart a firm in Utah varies. It is crucial to move immediately to reestablish a firm since continuing to operate while it is dissolved can incur additional fines and costs.
Sorry, but the article’s heading “How Long Does a DBA Last in Utah” is misleading.