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Utah LLC Annual Report

How to Start an LLC

After you form an LLC or another type of business in Utah, you will then have to perform certain tasks in order to maintain good standing and avoid needless fines. One such task is an annual report (or a renewal, as it’s known in Utah). This applies to Limited Liability Companies (LLCs), corporations, and nonprofit organizations as well. Some states incur fees upwards of more than $800, but thankfully the cost to file in Utah is $20, whether it’s for an LLC or a corporation. This modest fee is part of the benefits of choosing Utah for your business, along with the asset protection and the possibility to form an anonymous LLC. Completing an annual report helps ensure that your business meets its requirements and remains compliant with state regulations. It's also a good time to review your operating agreement, especially for a single member LLC, and make any necessary adjustments. Additionally, this process allows businesses to stay informed about any changes in taxes and to conduct a search to ensure all information on file is accurate and up-to-date.

What is an LLC Annual Report?

An annual report is a document that most states require every year to keep a business from expiring. It contains the current details of activities and event occurrences over the past year. It also serves to keep up to date records of the names and addresses of those who oversee daily activities and operations within the company. If for any reason there are changes from one year to the next, you will be required to submit an information change form to the Utah Department of Commerce (DOC). You should receive a renewal notice around 60 days prior to the report being due. This due date is on the same day that your LLC was created every year.

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Information Included in Utah’s Annual Report

When you file your annual report, you’ll need to make sure it includes information that helps identify your LLC and confirm that all of the information is up to date. Fulfilling this requirement ensures that your business remains in good standing and prevents you from paying unnecessary fines. Here is a list of everything involved with your annual report, and why each item is necessary:

Name of the Business

Provide the name of your business exactly as it appears on the Certificate of Organization submitted when your LLC was formed, or the Articles of Incorporation if you formed a corporation. You can also perform a search online using an online business searching tool. It’s important to get the name right so the state knows who the annual report belongs to.

Business tax ID Numbers

In Utah, the DOC will assign a unique tax ID number, also known as an entity number, to your newly created business. This number helps to identify registered business entities with the DOC, and will be used to verify the business associated with the annual report.

Company Address

As is required to run a domestic business in Utah, you must provide a public address within the state. If you are running the business from another state, you can provide the address of a Utah registered agent to fulfill this requirement.

Restatement of Values

Reflecting on your business’s values will reaffirm your company is achieving or heading towards the initial core goals stated during formation. If these values have changed somehow, this will be a convenient time to adjust these values.

Registered Agent Information

In order to form a company in any state, you will need a point of contact to accept legal notices from the Secretary of State. Utah requires that every business has a designated person to perform this role. You’ll decide who your registered agent is during the formation of your LLC or corporation. If at any point you need to change your registered agent, you must immediately submit that change with the state. Otherwise, you will put your company at risk of missing important notices in a timely fashion. A registered agent must:

  • Be at least 18 years old.
  • Have a Utah street address.
  • Provide availability during business hours.

Adding or Removing Members

Members of your business might change after formation. If you add new members, include their names and addresses. If a member backs out, you should add their name, and the official date of their departure.

Economic Status Report

Being able to compare economic status from year to year can prove beneficial to the progress of your company. The annual report is a good place to have this information.

How to File an Annual Report?

Once you have all of the previous information gathered, you’re ready to file. You can renew online at the Utah Department of Commerce using your business’s ID, or entity number. Make sure you file by the anniversary of the formation of your business, otherwise you will also have to pay late fees.

Annual Fee Cost for LLCS in Utah

The cost to file is $20 plus late fees if applicable. Other potential annual fees include costs for a registered agent service, and cost to renew business licenses. Most states (including Utah) have some form of corporate income tax. An LLC won’t have to pay this, unless you elect to have your company be taxed as a corporation by filing Form 2553 with the IRS. Utah’s corporate income tax rate is calculated at a flat 5% of taxable income, with a minimum tax of $100.

If you sell goods and collect sales tax on the services you provide, then you’ll need to register with the Utah Tax Commission and make periodic sales tax payments. You can do this by filing a Form TC-69 , or you can register online. You’ll be issued a tax number and license and will then be expected to pay on a periodic basis (quarterly or monthly).

What Happens if You Don’t File an Annual Report?

Failing to file a report in a timely fashion imposes a $10 late filing penalty. Further failure to pay might result in the dissolution of your LLC, and if you fall out of good standing, you might lose the priority to keep your company’s name. This is why it’s vital to have a system in place to ensure you know when payment deadlines are coming. A good registered agent can perform this role.