There are a number of factors that should be taken into perspective when choosing a business structure. While all have its inherent advantages, look beyond this, and instead focus on how those advantages will benefit your business.
The business structure you choose will influence the types of taxes you have to pay, the necessary paperwork you must comply with, and even the chances of your business’ future growth will be affected.
This Startup Savant guide walks you through the basic know-how of picking the right business structure. If you have already picked out a few options, using this comparison chart to narrow down your option to the final one will prove very beneficial.
The next step after you have selected the right business structure is to register it with the Division of Corporations of Utah. When you register this, you are basically submitting your business to state rules and regulations as a legal business entity. The easiest step to handle the registration is via an online incorporation company like IncFile (for $49) or LegalZoom (for $149).
If you opt to skip the help of an online incorporation company, you can follow any of the guides below to walk you through incorporating different business structures:
The following steps after you have incorporated your Utah business are part of some of the business best practices. These steps are not mandatory, but it is common practice among the most successful organizations, and it can pave the way to your business’ success as well.
There is a very good reason why organizations create a solid business plan. The process in itself, although may take time, is one way to get acquainted with your business. A business plan is the strongest foundation by which your business will grow and thrive. Investors look into this document when considering your business idea as well.
With the numerous purposes of a business plan, it is impossible not to do this task. So rather than think whether it’s all worth the work to write a business plan, just get started now with the quick links below.
Before you enter into any business transactions, make sure that you have already opened a separate bank account for your business. This ensures that you do not have to go through every single transaction in your bank account come audit time or tax season, just because you failed to separate your personal expenses from your business finances.
Recommended Resource: To help you make an easier decision when it comes to opening a business bank account, check this roundup.
Crucial to your continued operations as a legal entity is filing the necessary tax returns within the due date. Taking care of your business taxes is tantamount to the smooth and worry-free operations of your business. Check the Utah State Tax Commission now to begin taking care of Utah business tax obligations.
Recommended Resource: A great small business software that can assist in monitoring your business finances and transactions is Xero. With this application, you can easily keep track of business finances without taking up so much of your time. Try Xero for a 30-day free trial today!
Business licenses and permits work two ways. While it is a requirement to become a legally binding business entity, it also protects your business from unlawful legal actions. This is why it is important that you have the necessary licenses in place when operating a business.
Recommended Resource: You can retain the services of a professional to help you find all the intended requirements for Utah business licenses from this great package. Otherwise, you can also look into SBA’s resource roundup.
A business website is a must if you want to create an authority online and you need an effective marketing tool to leverage your online presence. Now, with WordPress, you can easily design a professional business website. With Bluehost, you can install WordPress with just one click.
Resource for Getting Started: For beginners who want to learn the steps involved in creating a website, this comprehensive guide should help.
This is an informational guide on how to incorporate in Utah and not a legal advice or document so please refrain from treating it as such. Consult your business lawyer for the legalities involved in incorporating a business in Utah.