A Checklist When Starting Your Business

Business is booming in Utah! However, even if you have a revolutionary idea and a plan to execute it, there are still certain steps to take to ensure no mistakes are made that could derail your plans. Starting a business may seem daunting at first, but breaking it down into just a few simple steps can make it seem more approachable and easier to handle. Below, our Utah business law attorney outlines the most important steps to take when starting your business.

Choose the Right Business Structure 

The legal structure you choose provides the foundation for your business. You may decide to choose a sole proprietorship, partnership, limited liability company (LLC), or corporation. Every business structure has its own level of protection from liability, tax implications, and management structure. It is important to speak to a Utah business law attorney who can outline your options and help you determine which one is right for you and your business.

Register Your Company’s Name

After deciding on your business structure, you should then register your company’s name with the Utah Division of Corporations and Commercial Code. This gives your business a legal identity and prevents other companies in Utah from using it. Before registering your business’ name, it is important to ensure you do not choose an existing name, or a name that is too similar to an existing name.

Obtain Necessary Permits and Licenses

To operate your business legally in Utah, you might have to obtain different permits and licenses, depending on your business’ activities, industry, location, and more. These can range from a general business license required by your county or city, to specific permits required in certain industries, such as health care, construction, and food service. If you wish to sell alcohol or firearms, you may also need federal licenses.

Draft Important Contracts

Contracts are essential for running a smooth and secure business, as they clearly spell out what each party is responsible for. Common examples include supplier agreements, employment contracts, non-disclosure agreements, customer contracts, service agreements, partnership agreements, licensing agreements, and lease agreements. Having well-drafted contracts in place not only protects your business but also provides peace of mind, so you can focus on growth and success.

Protect Your Intellectual Property

In the world of business today, intellectual property is often one of a business’ most important assets. Whether it is a unique brand name, product design, or proprietary technology, protecting your intellectual property is critical to secure the future of your business and maintain a competitive edge. In Utah you can protect your business’ intellectual property with patents, copyrights, and trademarks.

Our Business Law Attorneys in Utah Can Help You Through the Process

There are many steps to take when starting a business and it is critical that they are all completed properly to protect your business. At AGS Law, our Utah business law attorneys can help you through the process, advise you of your legal options, and help your company get the best start possible. Call us now at 801-477-6144 or fill out our online form to schedule a consultation and to get the legal advice you need.

Sources:

businessregistration.utah.gov/

utah.gov/business/starting/structure.html