How to Form a Company in Utah

Introduction

If you’re looking to start a business in Utah, forming an LLC is one of the first steps. Here are some tips for doing that:

Choose a Business Entity

• Sole proprietorship
• Partnership
• Corporation
• S-Corporation and C-Corporation

Reserve Your Business Name

If you haven’t already, be sure to reserve your business name as soon as possible. You can do so at the state of Utah’s Division of Corporations website by following these steps:

• Go to www.corporations.utah.gov and click “Reserve a Name.”
• Enter the information requested, including your name and address, date of formation, proposed name, and the names of all individuals who will be officers or directors in your company (these will be listed on your Articles of Incorporation). Additional information may also be required but is not included here for brevity’s sake; consult with an attorney for detailed instructions if needed.
• Verify that everything is correct before proceeding; once submitted, there is no opportunity for amending submissions without paying another fee to make changes after submitting an application! Once optimistic entrepreneurs have completed this process successfully (and paid any applicable fees), they may begin working toward forming their corporation using our next section as a guide!

Register Your Utah Business

Registering your Utah business is a two-step process:

• Register Your Business Entity
• Apply for a State Tax ID Number

Adhere to Sales Tax Regulations

You must register for sales tax with the Utah State Tax Commission if you have a taxable presence in Utah and intend to collect sales tax from your customers. You also need to pay any taxes that are due on your business income, either quarterly or annually.

You can apply for a waiver from paying sales tax if you don’t make enough money, or if filing all of the required paperwork would take up too much of your time.

Apply for an Employer Identification Number (EIN)

An Employer Identification Number (EIN) is a unique number assigned to businesses by the Internal Revenue Service. It’s used for tax purposes and can be thought of as your business’ social security number. You will need an EIN if you want to form a company in Utah, because without one it’s impossible for your business to obtain licenses or open bank accounts.

Once you have all of the required documents and information ready, you can apply for an EIN online using [this website](https://www.irs.gov/businesses/small-businesses-self-employed/employer-identification-number-(ein)). This takes about 15 minutes once you’re all set up, but keep in mind that there may be processing delays at certain times of year—especially during tax season (April 15th through June 30th).

Open a Business Bank Account

A business bank account is your company’s main account. You can open a business bank account at any bank that you choose, but it is recommended that you use a local financial institution. Many banks offer free checking and savings accounts to small businesses, so pick one that fits your needs and budget. When opening an account with your preferred bank, be sure to bring along the following information:

• Business name
• EIN (Employer Identification Number)
• Company address
• Phone number

Create a Corporate Bylaws Document

A corporate bylaws document is a set of rules that govern the internal operations of your company. It outlines the duties and responsibilities of all officers, directors, and shareholders.

The most important thing to consider when creating this document is that it should be written in plain language so that everyone involved in the company understands what their role is and how they can contribute effectively to its success.

Choose Your Company’s Directors

You’ll need two or more directors to form a company. Directors make decisions on behalf of the company and act as its legal representative. They are responsible for ensuring that the company meets all legal obligations, including paying taxes and following other governmental regulations.

Directors may be individuals with specific skills or knowledge in a particular field, or they may be appointed by another person or entity who has an interest in promoting their interests through your new business. Some larger companies have boards of directors made up of members from different areas of expertise (e.g., finance, marketing). It’s important to get advice before choosing who will represent you as director(s) because this decision could affect how you’re viewed by investors, suppliers and employees down the road.

Get Your Company Insured (if necessary)

It’s important to note that not all companies need insurance. If you’re just starting out, then you may not want to spend money on unnecessary coverage. However, if your business is growing larger or more complex and you have the funds available for it, it’s worth going through the process of getting insured. This can reduce the risk of mishandling paperwork and other issues that could lead to legal troubles in the future.

There are several types of insurance that businesses use in Utah: general liability (covers any damages done by your company), property damage (if something breaks on-site), product liability (if someone gets hurt because of something from your brand), workers compensation (if an employee gets injured on-site), cyber liability (if hackers break into your computer system), directors’ and officers’ (“D&O”) liability (protects against lawsuits filed by shareholders), commercial auto/fleet, worker’s comp/employer’s liability/disability benefits, cyber security coverage and umbrella excess liability policies.

You’ll need to decide what kind if coverage you want based on factors like how large your company is or how much money it makes each year—and whether or not employees work on-site at all times during their shifts (this could mean additional medical plans). There are many different types of insurance available; however we recommend only using reputable providers such as The Hartford Group who offer competitive rates while providing excellent service throughout their entire claims process!

Purchase Share Certificates and Follow Internal Transactions Procedures (if necessary)

Share certificates are a type of security issued to shareholders that record their ownership in the company. They can be purchased from a bank or other financial institution and are used to complete internal transactions between companies, such as issuing dividends or selling shares.

Share certificates are not required for a company to be formed, but many companies choose to purchase them anyway so they have an official record of who owns what percentage of the business’ equity.

Forming a company in Utah is not always easy, but you can make the process easier by using the right tools.

• If you’re going to form a company in Utah, you’ll need the right tools.
• You should use the right tools to form a company in Utah.

Conclusion

If you want to save money and time, it is better to hire a company formation specialist. They will guide you through every step of business registration in Utah and help you decide on the best type of business entity. If you have any questions about starting your own business, contact us today! We can answer all questions related to registering a company in Utah and other states across America.”