FORMING A NEW BUSINESS IN UTAH
Utah recognizes several types of business entities. Each type of business entity serves a different purpose. Therefore, it is not fair to say that one type of business is better than another in every situation. It is fair to say that one type of business is better than another in certain situations.
Utah law recognizes the following types of business organizations:
- Sole proprietorship;
- Limited Liability Company (LLC);
- Corporation (INC);
- Limited Partnership; and
- Joint Venture.
Under Utah law, limited liability companies, corporations and limited partnerships have the advantage of giving asset protection benefits to their owners. Of those three entities, limited liability companies and corporations are by far the most popular.
For more information on each type of organization, click on one of the links below: