Most business owners launch a business because it reflects their specific area of expertise. However, this doesn’t necessarily mean they have experience in other essential aspects of running a company, such as correctly structuring the new business. As a business owner, this is a critical element for a successful business. It might help to understand Utah’s regulations and requirements for start-up companies operating in Utah.

The Utah Division of Corporations and Commercial Code is responsible for managing and supervising all the commercial activities in the state, both protecting the consumers and assisting businesses.

All businesses in Utah are required by law to register with the Utah Department of Commerce. Registration of assumed business names, often called “DBA” (doing business as) is required of all businesses that are not corporations, LLCs or limited partnerships.

There are many business structure options. Each is associated with different tax implications, costs and registration requirements. Choosing a structure that is most beneficial to you is an important decision with significant consequences. Seek appropriate legal and financial advice when making your decision.

Here are some common types of business structures legally recognized in the state of Utah:

• Corporations                                          
• Non-Profit Organizations
• Professional Corporations
• S-Corporations
• Corporations (C)
• Limited Liability Companies (LLCs)
• General Partnerships
• Sole Proprietorships

Articles of Organization and Articles of Incorporation (which is a similar document) must be filed at the time of your business registration with the state. These documents outline the primary rules associated with a Limited Liability Company (LLC). The Articles of Incorporation are the main filing document that begins a corporation (including the “C” and “S” Corporations) under state law. You can obtain information about Articles of Organization and Articles of Incorporation and access different samples at the Division of Corporations and Commercial Code website, corporations.utah.gov

Let Zions Bank’s Business Resource Center assist you with your business needs. Call us for a free appointment at 801-594-8245. We are open Monday through Friday from 9 a.m. to 5 p.m. Beth Holbrook can be reached at beth.holbrook@zionsbank.com.