UT Business Facts
The history of the early 1900s has recorded that the primary economic drive in the Beehive State was mining and farming. The earth and the people of Utah prospered, and in modern times the state has become home to a broad spectrum of economic development.
Salt Lake, Provo and Ogden are home to a growing number of businesses in IT, software, and aerospace, winning this region the newest nickname of “Silicone Slopes”. The Beehive State is friendly toward business startups with favorable laws and regulations. Individual and corporate taxes remain low, which is encouraging for new companies and established business seeking relocation or expansion.
Major Companies in Utah
Some of the largest companies in America have found their homes in Utah. Autoliv, Nu Skin Enterprises, Alsco, SkyWest, Smith’s Food and Drug, C.R. England and Sorenson Communications are all large-scale employers in the state.
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 DBA, a Corporation or an LLC. 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:
TIP: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
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?
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
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, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
TIP: We will 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.).
Click here to view a list of our recommended banks in our Vendor Network.
TIP: Our business formation service includes a free banking resolution for your use.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
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.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
Review our list of recommended Payroll Providers in our Vendor Network.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
Click here to view our list of insurance providers in our Vendor Network.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
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.
Click here to view our MyCompanyWorks Premium™ service which can automate most or your ongoing compliance tasks.
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
Utah Legal Statutes
Utah Business News
Utah Green Business – Salt Lake City Green is the face of Salt Lake City’s Sustainability Department.
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Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.
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