Businesses in Utah are required to submit a yearly report to the Division of Corporations and Commercial Code (DCCC). The annual report’s objective is to keep the state informed of your company’s executives, directors, and contact information. All businesses, including LLCs, corporations, NGOs, and partnerships, are required to submit an annual report. Failure to submit an annual report may incur penalties and, in the long run, administrative dissolution.
In Utah, companies and LLCs must pay $20 to file an annual report. $10 is the cost for nonprofits. Every year, the DCCC sends a reminder notice with information on how to submit the annual report electronically to the company’s registered agent. To prevent late fines and other penalties, it is crucial to submit the annual report by the deadline.
An all-purpose business license is not necessary in Utah. However, a local business license could be necessary in some towns and counties. For information on whether a local business license is necessary, proprietors of businesses should consult their local government. A state license or permission could also be necessary for some enterprises and professions. For instance, it is necessary for contractors, real estate agents, and medical specialists to obtain state licenses. Who is required to submit Utah state income tax?
No of where they live, all citizens of Utah are required to submit a state income tax return if they received income there. If nonresidents made income in Utah, they must also submit a state income tax return. Utah state income tax is imposed on the net income of businesses that are registered there. To assess their tax requirements, business owners should speak with a tax expert. Do LLCs have to pay taxes in Utah?
In Utah, LLCs are not subject to entity-level taxation. The owner’s individual income tax return is where LLC revenue is instead disclosed. Depending on income, the individual income tax rate in Utah ranges from 4.95% to 5.00%. The Utah corporate income tax would apply if an LLC chose to be taxed as a corporation, as some LLCs may do.
Utah mandates that companies file an annual report, which costs $20 for corporations and LLCs and $10 for NGOs. Although general business licenses are not needed in Utah, some local governments may insist on local business licenses. Every person who lives in Utah or has a business there is required to submit an income tax return. In Utah, LLCs are not subject to entity-level taxation; nonetheless, LLC revenue must be disclosed on the owner’s personal income tax return. To assess their tax requirements, business owners should speak with a tax expert.
You must submit a reinstatement application to the Utah Division of Corporations and Commercial Code in order to renew an expired business there. This can be done by mail or online. The processing time is typically quicker if you file electronically. A reinstatement charge and any additional fees that may be necessary must also be paid. Your company will be reactivated once your application is accepted, and you can continue conducting business legally in Utah.