Setting up an LLC in Utah provides businesses with certain protections and benefits. Here’s a step-by-step guide to creating an LLC in the state of Utah:
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STEP 1: Choose a Name for Your LLC
Naming Requirements: Your LLC’s name must include “Limited Liability Company,” “Limited Company,” or abbreviations like “L.L.C.”, “LLC”, “LC”, or “L.C.”
Uniqueness: The name must be distinguishable from other entities registered in Utah.
Name Search: Check for availability through the Utah Division of Corporations and Commercial Code online business name search.
Optional Name Reservation: For a fee, you can reserve the desired name for 120 days.
Time it Takes to name an LLC
Researching and deciding on a name: 1-2 hours
If opting for a name reservation: The act of filing can take about 10-15 minutes.
If opting for a name reservation: Filing can take minutes, but approval might take a few days to a week.
STEP 2: Appoint a Registered Agent
Your LLC must have a registered agent in Utah, responsible for receiving official communications and legal documents.
The agent can be an individual or business entity with a physical address in Utah.
Time it Takes to be a Registered Agent
Registered Agents MUST BE at the Business Address everyday during business hours. This is why Home Addresses Are Not Accepted.
If you already have someone in mind (like an attorney or a service), this can be quick. If you need to find and appoint a registered agent: 1-3 hours.
Why use Inc Authority vs Being your own Registered Agent?
Benefits of having Inc Authority serve as your Registered Agent include:
· Privacy: Keep your home address private
· Efficiency: Easily receive and promptly process state and legal documents
· Hassle-free: Reduction of junk and solicitation mail
· Legal Compliance: Avoid fines, penalties, and possible dissolution
· Convenience: Serves as your public & legal business address
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STEP 3: File a Certificate of Organization
Submit the Certificate of Organization with the Utah Division of Corporations and Commercial Code.
This can be done online or by mail.
Provide details such as LLC name, registered agent information, principal address, and duration of the LLC.
Pay the required filing fee.
Time it takes to write the Articles of Organization
Preparing the document: 1-2 hours
Filing online: 30 minutes to 1 hour.
Waiting for confirmation/approval: This can range widely, but typically, online filings can be processed in a few days to a couple of weeks.
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STEP 4: Create an Operating Agreement
While Utah doesn’t require LLCs to have an Operating Agreement, it’s beneficial for outlining management structures and operating procedures.
This internal document can include details on member roles, responsibilities, ownership percentages, and other key matters.
Time it takes to write an Operating Agreement
If using a template and making minimal changes: 1-3 hours
If drafting from scratch or having extensive negotiations among members, it could be considerably longer, but for our purposes, we’ll stick with the 1-3 hours range.
If drafting from scratch or having extensive negotiations among members: Several days to weeks.
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STEP 5: Obtain an Employer Identification Number (EIN)
Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes.
You can apply for an EIN online at no cost through the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
The EIN will be used for tax filings, opening bank accounts, and hiring employees.
Time it takes to get an EIN / Tax ID
Filling out the online form and receiving the EIN: Approximately 0.5 to 1 hour (the online process is relatively quick if there are no complications).
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SO HOW MUCH TIME WILL IT TAKE TO FORM AN LLC MYSELF? DO IT MYSELF (DIY) an LLC?
Total Time Investment (Minimum): 5 hours (if you exclude the higher range estimates and name reservation)
Total Time Investment (Maximum): 11.5 hours (if you include the higher range estimates and name reservation)
This gives a ballpark range of 5 to 11.5 working hours for an individual, excluding all waiting times. It’s worth noting that these times can vary based on the person’s familiarity with the processes and any specific details or challenges related to the business being set up.
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