If you’ve made the decision to start a business in Utah, you’re wise indeed!
Financial luminaries including Forbes, Kiplinger and Wallethub agree with your choice. Forbes has again named Utah as the best state for starting a business. Kiplinger calls Utah one of the best cities for college graduates and entrepreneurs, citing the Beehive state’s favorable business tax climate, low cost of living and optimistic future for growth. Wallethub singled out the Salt Lake City metro area as one of the best large cities in which to start a business in 2016.
Here’s a full list of the accolades and ratings to prove why this is a great time to start a business in Utah.
With all that good news in mind, we asked local business experts for tips and tricks to help get a business up and running in Utah.
How to Determine Your Business Structure
For your new entity, you can choose from a variety of organizational structures in Utah.
You can choose to organize as a Utah corporation, nonprofit corporation, limited liability company (LLC), general partnership (GP), limited partnership (LP), limited liability partnership (LLP), sole proprietorship or business trust.
The structure you choose depends on your industry and the state’s legal requirements for those. Is also depends on a variety of other complex legal and financial factors. To determine which structure is right for you, consult an attorney as well as a tax professional. A lawyer also can assist you in preparing and submitting your organizational filings.
And that leads us to our next tip.
Select Key Business Consultants to Assist You
As a part of doing business in Utah or any other state, you will require a variety of professional services.
Primary among these are legal and financial consultation. In addition to a lawyer and CPA, you also are likely to need an insurance agent or broker. You may need a real estate broker to assist you in securing office space. Other professional consultants that may be of help to you are business analysts, software consultants and staffing services.
You also will need to select a local bank for your business accounts and any credit needs.
Although you could wait until you need each consultant to choose the one you want, our experts recommend that you get the selection process out of the way in the beginning. Once business picks up, you may not have enough time to give this important process the attention it deserves.
Tax and Licensing Requirements
Again, depending on the type of business you’re starting, you may require professional licensing in Utah. The Division of Occupational and Professional Licensing provides a list of Utah licensing requirements as well as a step-by-step guide for how to qualify and apply for all state-required licenses.
Your tax registration is simple in Utah. So simple, in fact, when you register your business entity, you handle all the state and local income tax, sales tax and transaction tax registrations at the same time.
What Are the Costs of Starting a Utah Business?
Although it’s possible to start your business for very little money, you will encounter some initial fees that are associated with various registrations necessary in Utah.
The Department of Commerce publishes a list of fees for registering a Utah corporation, LLC or partnership.
The Governor’s Office of Economic Development offers a comprehensive listing of Utah state agencies as well as a “Doing Business in Utah” publication that can assist you in identifying other fees that may be required.
Discover the Abundance of Utah New Business Resources
Utah governmental agencies provide a wealth of assistance and information for the startup entity.
To streamline the process of registering your Utah LLC or corporation, as well as registering with other appropriate city and state agencies, the Division of Corporations and Commercial Code has created a handy, one-stop website for Utah business registration. This covers your business registration with the state Tax Commission, the Labor Commission, the Department of Commerce, the Department of Workforce Services and the Department of Environmental Quality.
The U.S. Small Business Administration (SBA) publishes a comprehensive Utah resource guide for small businesses, which provides information on financing options for starting a small business, creating a business plan and startup logistics.
Finally, the State of Utah has assembled a comprehensive list of FAQs for starting a Utah business, which covers everything from professional licensure requirements to links for state tax forms.
For small business, both new and existing, the Utah Small Business Coalition provides resources for starting, maintaining and growing your Utah business.
Launch Your Marketing Efforts Early
As you are working through the process of registering your business and finding a location to set up shop, it’s important that you also develop and launch your marketing plan. Waiting until you’ve completed all the registration and licensing requirements to start this process will cost you precious time.
If you want to launch your new company as soon as you’re legal, you will need logos and branding, business cards and other marketing materials. And of course, you need a website and online marketing as well.
Because you will be busy handling the details of establishing your new company, you should add branding guru, online marketer, web designer and SEO expert to your list of consultants. Or you can save yourself the time of assembling this team and contact Be Locally.
Be Locally is Utah’s premier provider of internet marketing services, website design and search engine optimization.
When you trust Be Locally to assist you in starting your Utah business, you will have the full power of our expert team behind you. With our proprietary strategies for Utah SEO, social media marketing and Google advertising, we can help ensure that your future customers can find you the day you open your doors.
Starting a new business is an exciting and somewhat scary process. But you don’t have to tread these unfamiliar waters alone. Our state is a great place to live and work, and we are committed to helping all businesses — large or small, new or existing — improve their bottom lines.
Contact Be Locally today for all the internet marketing and SEO services you’ll need to start a business in Utah.
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