Utah Business Facts
Utah has owned the top spot on Forbes’ “Best States for Business” six times in the last eight years and consistently ranks among the top ten in CNBC’s Top States for Business. Known as the Beehive State for the industriousness of its people, Utah offers a pro-business climate with tax breaks, affordable real estate and a robust technology sector in and around Salt Lake City.
Major Companies in Utah
Utah is the headquarters of 1-800-Contacts, SkyWest Airlines, Smith’s Food and Drug and The Church of Jesus Christ of Latter-Day Saints.
A hotbed of tech entrepreneurship, startups and software companies can be found in the “Silicon Slopes” area from Ogden to Provo with Salt Lake City in between. Utah entrepreneurs benefit from low taxes, inexpensive real estate and an impressive pool of talent from top institutions such as Brigham Young University and the University of Utah.
There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Utah, but we highly recommend you do the following before searching Utah state databases:
Restrictions on Utah Business Name & Business Purpose
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in Utah.
How to form an LLC in Utah
How to Incorporate in Utah
Considerations when incorporating or forming an LLC in Utah
How to File a DBA in Utah
Ready to register a business in Utah?
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, it’s required). However, if you are a DBA and don’t obtain an EIN you will be required to use your Social Security Number on many documents so it’s highly recommended that you obtain the EIN to prevent identity theft. You can apply online with the IRS or via IRS Form SS-4.
TIP: We can obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
TIP: Our business formation service includes a free banking resolution for your use.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We can help you identify the necessary forms to obtain your business license.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change your company name or other information listed on the FBN) at which point you’ll need to renew it with the Utah Division of Corporations and Commercial Code.
LLC: Utah LLCs are required to file an annual report each year on or before the anniversary date of the LLC’s formation.
Corporation: Utah corporations must file an annual report every year by the anniversary date of incorporation. LLCs and Corporations will pay a filing cost of $20.
Utah Division of Corporations & Commercial Code
160 E 300 S. 2nd Floor
Salt Lake City, UT 84111
Utah Taxation Departments
Utah Labor and Employment Departments
Utah Startup Resources
Small Business Administration (SBA) Utah District Offices
SCORE Salt Lake – Helping Salt Lake area entrepreneurs to start a new business or grow an existing business.
Utah Legal Statutes
Utah Chambers of Commerce
Utah Business News
Utah Green Business – Salt Lake City Green is the face of Salt Lake City’s Sustainability Department.
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.