{"id":29168,"date":"2024-05-20T10:16:09","date_gmt":"2024-05-20T10:16:09","guid":{"rendered":"https:\/\/boostsuite.com\/?page_id=29168"},"modified":"2024-07-02T17:49:24","modified_gmt":"2024-07-02T17:49:24","slug":"utah","status":"publish","type":"page","link":"https:\/\/boostsuite.com\/how-long-does-it-take-to-get-an-llc\/utah\/","title":{"rendered":"How Long Does it Take to Get an LLC in Utah ? (2024 Guide)"},"content":{"rendered":"\n
The formation of a Limited Liability Company is quite different from the creation of other business entity types, such as corporations. It\u2019s typically less regulated which can make the process go faster. But how fast is fast and how soon can you get an LLC in Utah? This guide will provide you with detailed information about the formation process, formation times, and what it\u2019s like to do business in the state. We\u2019ll have you covered every step of the way! <\/p>\n\n\n\n
The western state of Utah is often referred to as \u201cthe Beehive State\u201d, which is a reference to the work ethic of people in the state, as in \u201cbusy as bees\u201d. <\/p>\n\n\n\n
It\u2019s bordered by Wyoming, Idaho, Colorado, Nevada, Arizona and New Mexico. In fact, the southeastern tip of the state creates a corner where Arizona, New Mexico, Colorado and Utah all meet. It\u2019s the only place in the United States to do so, and it\u2019s called the \u201cFour Corners\u201d. <\/p>\n\n\n\n
The Rocky Mountains can be found in the state, and the highest point in Utah is Kings Peak, which is 13,528 feet. Aside from mountains, there are canyons, valleys, rock spires, mesas, salt flats, and of course the Great Salt Lake, which is the largest saltwater lake in the entire western hemisphere. <\/p>\n\n\n\n
A lot of copper is mined in Utah. It\u2019s home to the world\u2019s biggest open-pit copper mine, which could fit two Willis Towers in it at 1,454 feet apiece. In Moab there are manmade ponds that are used to produce potassium chloride, used in foods, medicines and fertilizer. Other minerals and stones that are mined in the state include uintaite or gilsonite, which is a black rock used to make asphalt, cement and paint, as well as semi-precious stones like topaz, red beryl and purple bertrandite. <\/p>\n\n\n\n
Utah has the nation\u2019s biggest economy with a Gross State Product (GSP) of $185.2 billion and a growth rate from 2017-2022 of 3.7%. <\/p>\n\n\n\n
The top-performing industries according to revenue in the state are Drug, Cosmetic & Toiletry Wholesaling, E-Commerce & Online Auctions, New Car Dealers, Grocery Wholesaling, and Petroleum Refining. The companies in the state that employ the most people are Intermountain Healthcare, the University of Utah, Walmart Inc., The Kroger Co. and Amazon.Com, Inc. And the sectors that contribute to Utah\u2019s GDP are Manufacturing, Real Estate & Rental & Leasing, Professional, Scientific & Technical Services, Information, and Finance & Insurance. <\/p>\n\n\n\n
Utah has a thriving tourism industry thanks to the \u201cFour Corners\u201d. It\u2019s also home to one of the biggest independent film festivals in the world, the Sundance Film Festival. And it\u2019s known for being a great place to ski because of the large amounts of snow in the mountains around Salt Lake City. <\/p>\n\n\n\n
Utah is consistently rated as the best state in the U.S. to do business. Usnews.com rated its business environment #7, growth #2, and employment #1. Its unemployment rate is only 2.8% and while the national average for job growth is only 0.2%, it\u2019s 2.6% in Utah. <\/p>\n\n\n\n
It\u2019s rated #28 for affordability and #7 for economic opportunity. The cost of living in the state is 94.6, which is down from the national figure of 100.0. The median household income is $79,449 which is well above the national average of $69,717. Because of this the poverty rate is well below the 12.8% nationally at only 8.6%. <\/p>\n\n\n\n
However, it\u2019s rated #48 for equality. So if you\u2019re looking for an inclusive state that\u2019s accepting of everyone and various lifestyles, this is not that. <\/p>\n\n\n\n
Here\u2019s a look at some of the incentives and programs Utah provides for businesses. <\/p>\n\n\n\n
-Invest in expansion or creation of mining, industrial, agricultural or manufacturing activity;<\/p>\n\n\n\n
-Include a minimum of 10% of infrastructure costs and<\/p>\n\n\n\n
-Generate new state revenues on an incremental basis which are the direct result of the expanded or created activity. <\/p>\n\n\n\n
Infrastructure investments that are qualified will typically receive a tax credit for 30% of the infrastructure-related revenue generated during a tax period. The maximum credit amount is 50% of the total infrastructure investment. <\/p>\n\n\n\n
-5% of R&D research expenses in the state during the current tax year that exceed a base amount.<\/p>\n\n\n\n
-5% of payments made to specific organizations for research in the state, exceeding a base amount. <\/p>\n\n\n\n
-7.5% of certain research expenses. <\/p>\n\n\n\n
There are lots of reasons to start an LLC in Utah. <\/p>\n\n\n\n
Not only is the majority of Utah\u2019s labor market young, it\u2019s highly educated. 73% have a post-secondary certificates or higher degrees, and more than half of the workforce has a bachelor\u2019s degree or higher education. <\/p>\n\n\n\n
Utah has one of the lowest corporate tax rates in the U.S. at only 4.65%. The personal income tax rate is a flat rate of 4.85%, too. That means whether your LLC is taxed as a corporation or as a pass-through entity, it will enjoy low tax rates. <\/p>\n\n\n\n
There\u2019s a lot of access to financing in the state. There are a wide variety of venture capital groups, student startup funds and other financing programs in the state. And the Utah Innovation Lab was recently created, which is an independent nonprofit designed to invest in startups during the \u201cpre-seed\u201d phase, when venture capitalists usually don\u2019t finance companies. <\/p>\n\n\n\n
But there are downsides, too. <\/p>\n\n\n\n
Utah is consistently voted the worst state for women. This is because the state has the biggest wage gap in the United states, there are massive disparities in political representation, and women in executive positions in the state are a rarity. Some of these metrics have been improving, but even with improvement the state is still lagging far behind the rest of the country. <\/p>\n\n\n\n
The 2.8% unemployment rate may make Utah\u2019s government look good, but it\u2019s bad news for businesses. It means that to fill a position you\u2019ll have to compete with other businesses in the state. And many big businesses could be able to afford benefits to attract new hires that you can\u2019t. <\/p>\n\n\n\n
Just because it\u2019s considered easier to form an LLC than a corporation doesn\u2019t mean there isn\u2019t a substantial amount of paperwork and red tape involved in the process. Lucky for you, we\u2019ll explain it all and give you a simple checklist to streamline the process. <\/p>\n\n\n\n
If you get all of your paperwork together before filing, it can make filing for an LLC far simpler. Here is a list of LLC formation essentials. <\/p>\n\n\n\n
Here are the steps to forming an LLC in Utah. <\/p>\n\n\n\n
It\u2019s important to know how long it can take to receive approval for your LLC once you\u2019ve submitted your documents. We\u2019ll break down the various formation times in this section. <\/p>\n\n\n\n
Approval times account for the entire time span from the time documents are submitted until the time you receive approval, and it also includes both processing time and transit time. <\/p>\n\n\n\n
To file online, approval time is 2 business days. To file by mail, approval time is 2-3 weeks. <\/p>\n\n\n\n
Processing time for mail filing is 3-7 business days, or 2 business days for online filing. <\/p>\n\n\n\n
There are several variables which could result in delayed LLC formation times. Here\u2019s a look at some things that could hold up your formation. <\/p>\n\n\n\n
One good way to rush through the formation process is expedited processing. We\u2019ll explain the expedited service options in Utah in this section. <\/p>\n\n\n\n
The expedited service option is guaranteed 2 business days. <\/p>\n\n\n\n
You\u2019re required to pay the fee for expedited services on top of the filing fees. So to get guaranteed 2 business day processing costs $75 extra. <\/p>\n\n\n\n
Processing times vary wildly from state to state. Comparing the processing times in your state with other states can help you not only put them in perspective but also help you make important decisions, such as whether to start a domestic LLC, or choose a foreign LLC in another state. <\/p>\n\n\n\n
In Utah, processing time for online filing is 2 business days, 3-7 business days for mail filing, and there\u2019s an expedited processing option for guaranteed 2 business day processing. <\/p>\n\n\n\n
There are slower options. In Maryland, it takes 5-8 weeks to process mail filings, it\u2019s 4-8 weeks in Texas, and an incredible 8 months in New York. Processing for online filing in Arizona takes 14-16 days, and it\u2019s 13-15 days in Texas. Even expedited processing can be slow, taking 7 days in Maryland. <\/p>\n\n\n\n
There are also options that are far faster. Mail filings are processed in Alabama, Massachusetts and South Dakota in 1-2 days, and 1 day in Kentucky and Ohio. Alabama, Alaska, Colorado, Kansas, Kentucky, Minnesota, Missouri, New York, South Dakota, Tennessee, Wisconsin, and Wyoming all provide immediate processing if you file online. And Delaware, Michigan, Montana, Nevada, Pennsylvania, and West Virginia all have 1 hour expedited processing. <\/p>\n\n\n\n
Utah is a viable state to form an LLC in because it has a large workforce full of young, educated people, it has low taxes, and there are plenty of financing opportunities in the state.\u00a0<\/p>\n\n\n\n