Due to its hospitable business environment, low taxes, and superior infrastructure, Utah is one of the states in the US with the greatest potential for entrepreneurs. What you need to know if you’re considering about starting a business in Utah.
You must choose the legal structure that best suits your demands before launching your firm. Utah has a variety of alternatives, including S corporations, C corporations, partnerships, limited liability companies (LLCs), and sole proprietorships. To choose the correct structure for you, you must speak with an attorney or accountant because each structure has benefits and drawbacks of its own.
Step 2: File a Business Registration Form After deciding on your legal framework, you must register your company with the state of Utah. The Utah OneStop Business Registration System allows you to complete this task online and will walk you through the process of acquiring all required licenses and permits.
Step 3: Obtain an EIN Number The IRS utilizes an EIN (Employer Identification Number), a special nine-digit number, to identify your company. An EIN is required to submit taxes, open a bank account, and hire staff. On the IRS website, you can submit an online application for an EIN.
Step 4: Include a DBA with an LLC You can submit a DBA (Doing Business As) form to the state of Utah if you want to conduct business under a name other than the official name of your LLC. This enables you to do business while retaining the restricted liability protection provided by an LLC.
Utah only allows business names to be used for five years before requiring a renewal of your registration. By submitting a Name alter Certificate to the Utah Division of Corporations and Commercial Code, you can alter the name of your company.
In conclusion, starting a business in Utah requires a number of processes, such as picking the appropriate legal structure, registering your company, obtaining an EIN number, adding a DBA to an LLC, and maintaining the currency of your business name. You can effectively establish your business and benefit from Utah’s booming economy with the correct advice and tools.
You must submit a reinstatement application to the Utah Division of Corporations and Commercial Code in order to renew an expired LLC there. You must include the name of the LLC, its registration number, and the explanation for the registration’s lapse. A reinstatement charge that varies according to how long the LLC has been inactive is additionally due. Your LLC will be reactivated after the application and fee have been processed, at which point you can start doing business as usual.