In order to ensure that a business works properly, Utah has a few legal requirements for business startup. One of the most significant actions you’ll take as an entrepreneur is to register your firm. The procedure is quite simple, and this article will walk you through it.
You must choose your company’s legal structure before you register your firm. In Utah, corporations, sole proprietorships, and LLCs are the three most popular company structure forms. It’s crucial to pick the structure that best meets your demands because each one has unique benefits and drawbacks.
The simplest business structure is a sole proprietorship, which is perfect for small companies with just one owner. Due to their combination of the flexibility of a sole proprietorship and the security of a corporation, LLCs are the most common business structure in Utah. Larger businesses often utilize corporations because they are more complicated.
The second step is to register your business name. You must register your business name with the Utah Division of Corporations and Commercial Code after selecting a business structure. This procedure makes sure that no other company in the state is operating under the same name. On the website of the Utah Division of Corporations and Commercial Code, you can look up available company names.
Obtain a business license in step three. In Utah, the majority of businesses need a license to operate legally. Your business’s needs will determine the type of license you require. For instance, you must obtain a liquor license if you intend to sell alcohol. For help choosing the right license, get in touch with the Utah Department of Commerce.
Register for taxes in Step 4
In Utah, all companies are required to register for both state and federal taxes. The Internal Revenue Service (IRS) and the Utah State Tax Commission both allow you to register for state and federal tax filing.
A DBA (Doing Business As) registration enables a company to conduct business under a name other than its legal name. For instance, in order to legally run her bakery under the name “Sweet Treats,” Jane Smith would need to file a DBA application.
A Limited Liability Company (LLC) is a type of legal entity that protects business owners by dividing their personal and corporate assets. Owners of LLCs are not personally liable for the debts or legal troubles of the business.
In conclusion, choosing a legal structure, registering your business name, acquiring a business license, and filing taxes are all necessary steps in the registration of a business in Utah. Although the procedure can be scary, it is necessary for legally operating your business. You can effectively register your business in Utah by following these instructions and getting advice from the relevant organizations.
You can get in touch with the Utah Division of Occupational and Professional Licensing (DOPL) to report a company operating illegally in Utah. You can fill out and electronically submit a complaint form on their website. You can also phone their office to report the company, and they will give you instructions on what to do next. It’s crucial to remember that companies operating in Utah without a license are breaching the law and could be subject to fines and other sanctions.