For starters, it is important that the name of your LLC contain any of these: ‘Limited Liability Company’ or ‘Limited Company’.
Alternatively, abbreviations such as ‘L.L.C.’, ‘LLC’, ‘L.C.’, or ‘LC’ can also be used. Another rule to observe when naming your Utah LLC is to ensure that it has a unique name or one that can be clearly distinguished from any other business entity registered with the Division of Corporations and Commercial Code of Utah.
To verify the name’s validity, you can check the Utah business name search tool. Once verified, you can file for an Application for Reservation of Business Name good for 120 days’ reservation with the Division of Corporations and Commercial Code. The reservation can be done online or through mail for a $22 filing fee.
A Utah Registered Agent is another statutory requirement for forming a Utah LLC. It is equally important to observe state rules for your Registered Agent to qualify for the position. A Registered Agent must be an individual resident of Utah or a domestic or foreign business entity registered with the Utah Division of Corporations to legally conduct business in the state.
A physical street address in Utah should be provided as well. Finally, the agent should accept to become your business’ representative to accept service of process upon designation.
All in all, the services of a Registered Agent can reach up to $160 every year. However, if you decide to incorporate with the help of IncFile, you get free Registered Agent Services.
When you have the business name, you can then file a Certificate of Organization to legally form your Utah LLC. You can file this document with the Division of Corporations of Utah. The certification must contain the following information:
This document can be filed online or through postal mail.
Filing Fee: $70
When an LLC operates, a federal Employer Identification Number is required almost all of the time. These include all transactions like opening bank accounts, entering into contracts, dealing with other businesses, etc.
The easiest way to obtain this 9-series identification number is to register for an online application for free at the IRS.
Another thing that you must keep in mind when business starts operations is to keep separate bank accounts for business and personal use. Although opening a separate account may require additional work during startup, you will be able to benefit from the merits of doing so in the long run, so open a business bank account now.
Recommended Resource: For a roundup of the best bank accounts that you can consider when opening your own business bank account, check this roundup.
As soon as the steps above have been accomplished, it is also important to look into the subsequent steps that come highly recommended for startup businesses. Although not mandatory, these business best practices are crucial to your business operations’ success.
Writing a business plan is hard work, but it is one of the most important tasks that must never be overlooked when starting a business. The process itself of creating a business plan is already beneficial for the business owner, learning more about his business and what it takes for it to be successful.
A business plan helps you stay in track with business objectives, monitor business operations carefully and ensure that business goals are achieved, and build a foundation by which your business can follow to earn profits and become successful.
When you register an LLC with the state, this means that you also adhere to state regulations and learn to fulfill obligations. One such obligation is your Utah business taxes. To take care of this obligation, you can visit the Utah State Tax Commission.
Recommended Resource: Xero, a small business accounting software, is an effective business tool that helps you organize finances to better comply with tax reports and other deliverables. You can try this effective tool now for 30 days’ free trial.
Aside from your business taxes, another statutory requirement for legally operating a Utah LLC is your business licenses and permits. These requirements depend on the nature of your business, its size, the legal structure you’re incorporating, among other factors.
Recommended Resource: Completing every single requirement for business licenses can be tedious work. For professional assistance in accomplishing this task, this is a great package to consider. Alternatively, you can look up this SBA roundup resource.
An Operating Agreement is a must for any Limited Liability Company. While it is not mandatory to have one upon incorporating your LLC in Utah, creating it organizes the internal affairs of your organization especially when it comes to dealing with its members.
An Operating Agreement is an internal arrangement between members of your LLC on matters of financial and managerial responsibilities and rights. It also serves to protect the organization’s limited liability status. This template Operating Agreement is fully customizable to fit what your business’ current needs are.
In an age where almost everybody is connected to the Internet, it is only right that you be able to tap into this vast network of opportunity. Through a business website, you can do this effectively. Create a business website using WordPress. Use Bluehost to do a one-click installation of WordPress so you can build a professional website.
Resource for Getting Started: This step-by-step guide teaches you the basics of how to build a business website.
This article is a general guide that walks you through the steps of starting an LLC in Utah. It is not a legal document nor should it be treated as such. For details or the legalities involved in forming an LLC, you should consult the services of a business lawyer. Please also take note that Annual Reports need to be filed with the Division of Corporations for maintenance requirements and as part of compliance rules.