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An LLC, short for Limited Liability Company, is a legal business structure that combines the flexibility of a partnership with the limited liability protection of a corporation.
Forming an LLC in Utah provides benefits such as limited personal liability, flexibility in management, pass-through taxation, and ease of formation.
To form an LLC in Utah, you need to file the Articles of Organization with the Utah Division of Corporations, pay the required fees, and appoint a registered agent.
A registered agent is an individual or entity designated to receive legal documents, such as lawsuits and official government correspondence, on behalf of the LLC.
No, you don't need an attorney to form an LLC in Utah. However, consulting with a business attorney may be beneficial to ensure compliance with all legal requirements.
The filing fee for the Articles of Organization in Utah is $70. Additionally, you may have to pay for other services like obtaining an EIN or operating agreement, which may vary in cost.
An EIN, or Employer Identification Number, is a unique nine-digit number issued by the IRS for tax purposes. It is used to identify your LLC for federal tax reporting.
While Utah law does not require an operating agreement for an LLC, it is highly recommended to have one. An operating agreement outlines the management and ownership structure of the LLC.
Yes, a single person can form an LLC in Utah. It is commonly known as a single-member LLC.
Yes, an LLC can choose to be taxed as an S corporation by filing Form 2553 with the IRS and meeting the eligibility criteria.
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