In the United States, a limited liability company is a business entity type that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation, creating the best of both worlds for business owners. LLCs have rapidly become one of the most popular business structures for new and small businesses, largely because they are considered to be simpler and more flexible than a corporation.
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All formal business entities, including LLCs, are required to have a Registered Agent on file with the state at all times. The agent may be an individual or company with a physical address located in the state of incorporation. Agents must be available at all times during standard business hours (9 a.m. - 5 p.m. Monday – Friday). The role of a Registered Agent is to receive any and all of communications from the government to the business. The agent’s name and address must be disclosed as part of the company’s public record.
Private Limited Company: Liability, limited by shares; Name, cannot be deceptively similar to another registered company; Management, at least 1 director; Shareholders, limited to 1–50 excluding persons who are employed by company, prohibition against any invitation to the public to subscribe for shares; Founders, 1–50; Nationality, Nepalese company; Company purpose, any lawful purpose except industry on Negative List; Formation, file Memorandum and Articles of Association with Registrar of Companies.
Utah "corporation", "incorporated", "company"; the abbreviation: "corp.", "inc." or "co." or words or abbreviations of like import to the words or abbreviations listed in another language; without the written consent of the United States Olympic Committee, may not contain the words "Olympic", "Olympiad", or "Citius Altius Fortius"; without the written consent of the Division of Consumer Protection may not contain the words "university", "college" or "institute" § 16-10a-401 Utah Code
The LLC is typically the best choice for smaller entities. The LLC structure provides a great deal of ownership flexibility in that an LLC may have any number of Members (owners) including non-US citizens and subsidiary companies. LLCs are also able to distribute several different classes of stock or ownership interest. However, their owners are typically required to pay a self-employment tax.
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.
If you received a Notice to File a Business Property Statement from the Assessor and your business is no longer in operation, you are still required to file the Business Property Statement. You should also include a note on the Business Property Statement indicating that the business has closed, so the Assessor does not continue to assess the property.