To secure and register your brand name it must be unique, not too similar to another registered name, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the state and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Your LLC name should contain the words ‘Limited Liability Company’ or ‘Limited Company’. Abbreviations like ‘L.C.’ or ‘L.L.C’ are also acceptable. If needed, file an Application for Reservation of Business Name that’s good for 120 days through the state’s One Stop Service. Filing Fee: $22
A Utah Registered Agent must be an individual resident of Utah or a domestic/foreign business entity registered with the Utah Division of Corporations. They must also have a physical street address. They’re an official representative of your brand who receives and helps handle/process all official documentation like state filings, tax forms, court or legal notices, etc.
Basically you can hire an outside professional and expect to pay up to $160/year, or get a Utah Registered Agent free of charge when you start an LLC through a service like IncFile or Incorporate.com. LLC filing services like this handle this along with much more depending on your startup package.
Once you’ve verified your brand name with the state, you can then file a Certificate of Organization online or through the mail with the Division of Corporations to legally form your Utah LLC. It declares the basics of your business including:
Filing Fee: $70
An EIN, or Employer Identification Number is required by both Utah state and the federal government for essentially the same reasons individuals are required to have a SSN. It’s a nine-digit number that’s used to track business activity and makes it possible to open a business bank account, legally hire employees, and so on.
Almost every transaction your business engages in will require an EIN. That said, you can get one quickly, easily and free of charge by applying online through the IRS Website.
Before opening shop, be sure to setup separate bank accounts for business and personal use! Although opening a separate branded account may require additional red tape during the startup phase, your brand with benefit in many ways over the long run.
Don’t rush into this step either. Be picky about the bank you choose. Make sure you familiarize yourself with the ins and outs of this side of banking. You’ve got plenty of options between local, state, and national banks as well as credit unions. If you’re interested check out this brief article on Business Checking Accounts.
An Operating Agreement is a must for any serious LLC. While it’s not mandatory to have one in Utah, creating it organizes the internal affairs of your platform 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.
You can create your LLC’s own document now with the help of an online Operating Agreement tool which can be easily customized to fit your specific needs.
First thing’s first when it comes to the regulatory side of this journey. Begin your research with the Utah State Tax Commission. Everything you need to know and then some can be found there if you aren’t working on this with a professional.
Bookmark the Salt Lake City district office of the Small Business Administration and the state’s Business Services page because they’re likely going to be go-to sources. If you need additional help, there’s a Business License Service we recommend. They determine everything required on Federal, State, County and Municipal levels, get the forms, and provide step-by-step filing instructions.
Writing a business plan in the fast and furious startup-bootstrapping phase can be challenging, but it’s one of the most important steps and shouldn’t be easily overlooked. The process itself teaches you a great many things, points out the holes, and dramatically improves you/your team’s follow-through.
Besides, once it becomes time to approach potential partners, investors, lending institutions, angel funds, VCs or CrowdFunding platforms your brand will need a professional game plan. Not some 40-page tome, but a simplified presentation of your brand’s core fundamentals.
QUICK LINKS TO BUSINESS PLANNING
Like any other part of business, if it’s not challenging and evolving and causing you and your team to grow then it’s probably not worth it. So while initially building a business website, setting up the back-end, and then optimizing over time isn’t easy it’s no longer optional in our opinion. Get on it!
Don’t worry if you’re just starting out or you don’t have an in-house designer you trust, one-stop-shop platforms like Wix, SquareSpace, and Weebly have changed the game. They are affordable and very easy to use. Enjoy!
Note that this article on how to form an LLC in Utah isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form an LLC in Utah or business in general, please consult with a lawyer or other accredited professional.