How to Start a Business in Utah

Introduction

When you start a business, there are quite a few things you need to do. You might find yourself overwhelmed by the thought of all the different steps involved in getting started. Luckily, we’re here to help you through the process step-by-step! We’ll walk you through everything from choosing your business structure to getting licensing and permits for your business.

Business Structure

Choosing the right business structure for your business is an important step. The first thing to do is determine if you want to be a sole proprietor, partner, or incorporate. Sole proprietorships are unincorporated businesses owned and run by one person; partners may have multiple owners and managers; corporations are separate entity that has their own set of owners and managers. Each of these structures has its own benefits and downsides depending on what kind of product or service you’re offering, who will be handling it, how much money you’re making, who’s investing in your company, etc.

Business Licenses and Permits

In addition to a business license, you’ll need business permits and zoning permits. Business permits are required for:

• Selling alcohol (a liquor license)
• Operating as a professional service provider (i.e., doctor, masseuse, lawyer)
• Operating as a daycare facility or boarding house

Zoning permits are required if you plan on selling food at your business location. In Utah, there are different zoning requirements depending on the type of food you sell; restaurants require more expensive and time-consuming licenses than most other types of businesses do.

Taxes Law in Utah

As a new business owner, you need to calculate and pay taxes for your company. You also need to know about the taxes that could affect you personally, such as income tax and sales tax.

Your business will be taxed on its net income. This is calculated by subtracting all expenses from revenues. The net income can then be reduced with certain deductions before being used to determine how much in taxes you owe each year.

Personal income tax is based on your total gross earnings during the year minus allowable deductions (such as contributions). Sales tax is collected as part of many purchases made by consumers in Utah and other states across the country.

Workers’ Compensation Insurance

It is important to note that Utah requires all employers to carry workers’ compensation insurance. The cost of this coverage will depend on the size of your business, with larger organizations typically paying more than smaller businesses. In addition to purchasing the proper insurance and filing claims as needed, you may also need to maintain additional coverage such as unemployment insurance or workers’ compensation disability benefits.

The best way to go about getting a policy is by contacting an experienced agent who can help you navigate through the process in person or over the phone. The agent should have access to an extensive network of qualified providers and can assist in identifying providers who fit within your budget constraints while still providing quality benefits at competitive rates.

Unemployment Insurance

Unemployment insurance is an important part of running a business and should be considered before you start. You need to register with the state of Utah, pay a fee to them, and then pay a fee to your insurance company. After that, you have some reporting requirements as well (to both the state and your insurance carrier).

Takeaway

To get started with your business, you need to do a few things. First, choose the structure of your company: sole proprietorship, partnership or corporation. Then decide if you’ll need licenses and permits from the state before opening. Next, file taxes with the Internal Revenue Service (IRS) and Utah Department of Commerce. Finally, make sure workers’ compensation insurance is in place for any employees working at this location.

Conclusion

When you’re ready to start a business in Utah, it’s important to do your research and be prepared for what lies ahead. The state has made great strides in making the process easier for its citizens, but there are still some hoops to jump through. Regardless of your industry or company size, these steps should help keep things on track so that you can focus on the work at hand—and not on paperwork!