Four Steps When Starting a Business in Utah
Utah is known for many things, including its entrepreneurial spirit. If you are thinking about starting your own business, you wonder what steps you have to take or feel overwhelmed by the process. Having a simple checklist to follow can ensure that you do not miss any important steps, and that your business aligns with the laws and regulations in Utah. One of our Utah business law attorneys outlines a simple checklist below.
Select the Right Business Structure
The legal structure you choose for your business is its foundation and impacts every aspect of operations. You can choose a sole proprietorship, a limited liability company (LLC), a partnership, or a corporation. Each structure has different tax implications, liability protections, and other complexities. A Utah business law attorney can help you determine which structure is right for you and your company.
Register Your Business’ Name
After you have selected your business structure, you should then register the name of your business with the Utah Division of Corporations and Commercial Code. This step is important because it formally establishes your business’ legal identity and prohibits other companies in the state from using the same name, or one that is confusingly similar. Before registering your business’ name, you should ensure that name is available. If you use a name that is already in use or that is very similar to one that is, you may face legal issues in the future.
Obtain Necessary Permits and Licenses
To legally operate in the state, you may have to apply for certain permits and licenses. You may need a general business license from your county or city, as well as specialized permits if you are in health care, construction, or food service. You may also require a federal license if you are operating a business overseen by a federal agency, such as selling firearms or alcohol. Our Utah business law attorneys can help you determine which licenses you require to ensure compliancy.
Draft Important Business Contracts
Contracts clearly define the rights and responsibilities of you and anyone your company does business with. Some of the most common agreements include customer contracts, supplier and vendor agreements, and non-disclosure agreements. A contact that is properly drafted can help safeguard your business interests, prevent misunderstandings, and outline a clear process for resolving disputes. These documents have great legal importance, so it is critical to work with a Utah attorney who can ensure that your agreements are tailored to your needs and that they are legally enforceable.
Our Business Law Attorneys in Utah Can Guide You Through the Process
Starting a business is incredibly exciting, but it can also be quite overwhelming. At AGS Law, our Utah business law attorneys can guide you through the process to ensure nothing is missed, that your business is compliant, and that you are legally protected. Call us today at 801-477-6144 or fill out our online form to schedule a consultation with one of our experienced attorneys and to learn more about how we can help.
Source:
utah.gov/business/starting/structure.html
