An LLC in Utah can be a great way for people to save on taxes and avoid being personally liable for everything a business does. But for some reason many people still hesitate to get an LLC up and running in Utah. They fear the licensing fees, annual fees, and possible fines that may be tacked on to their annual return if they end up owing money. What they don't realize is that an LLC in Utah has all of the same benefits as an S corporation or a partnership. Here are some of the main differences that make an LLC different than its more traditional cousins.
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The first thing that sets an LLC apart from its relatives is that it must pass the state LLC operating procedure. Unlike a business that has no single owner, an LLC is run by a "sole proprietorship" or "asset trust." For this reason, all of the liability of the company will be spread across the owners rather than a singular owner. This means that each time one of the owners has to pay up, the other can't. It also means that the state will have to bear the cost of any legal fees, such as those incurred when licenses are suspended or revoked.
Because an LLC in Utah needs to have its operating agreement registered with the state before it can take effect, there are several steps that need to be taken to accomplish this. The most common form is a written contract between the company and the Secretary of State. Other legal forms can be obtained from your accountant or lawyer, or from an online resource. Either way, it's important to fill out all of the appropriate paperwork and to understand the implications of all of the clauses that are included.
Basic Operating Instructions For an LLC Utah Company
To begin, each member of the LLC in Utah must designate someone to be the company's manager. Depending on the size of the LLC, this may mean holding a general meeting to choose a manager, holding a board meeting to select members of the board, or holding a special general meeting to choose a president. All of these meetings should include a document that names the LLC as well as the person who is in charge of day-to-day operations. This should also include a notice of the meetings, how much notice is required, and what happens at them, such as who attend and what records need to be kept.
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Next, there are some very specific requirements for an LLC in Utah. For example, there is a waiting period before you can apply for a license. There is a waiting period for the company itself, as well as the county and local governments. Also, the paperwork for the application must be filed along with the other documents that are required to qualify for a license. Additionally, there is a requirement that the LLC name is on all of the legal documents that it files. There are multiple deadlines, and even lapses in payments result in penalties and interest being assessed.
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The next thing that needs to be considered is the operating agreement. An operating agreement is very important because it is the way that the LLC is established and continues to be operated for the benefit of all of the LLC's owners. There are several different options for operating agreements, and each has their own set of guidelines and requirements that must be followed. If the paperwork is submitted incorrectly or if there are missing parts of the operating agreement, then the LLC can be declared unregistered with the state. Therefore, the filing of all forms and paperwork should be completed accurately and completely.
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One of the most common difficulties that people have when it comes to LLCs is determining the LLC's tax status. Because LLCs are run businesses, they have to report their income and expenses on their own personal income tax returns. Although some states and counties do allow an individual to use his or her LLC in place of a corporation for tax purposes, this isn't always the case. In order to receive a state certification as an LLC, a business must also have the approval of the secretary of state.
In order to operate an LLC in Utah, all of the paperwork and requirements that must be filed with the state will need to be submitted to the office of the Secretary of State. The most popular online resource for obtaining filing instructions and information for an LLC in Utah is Legallychallenged dot com. This site has detailed instructions and resources for all of the required documents that you will need. You also have access to a list of lawyers who specialize in real estate law. You can also join an online forum that specializes in real estate law and receive advice from other lawyers who may be able to give you professional advice regarding your unique situation.
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