You did it. Your Utah LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
In Utah, an LLC’s annual report is commonly referred to as an annual renewal, and this filing helps the state keep its records up-to-date regarding business activity within its borders. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
If you’d like to hand off this responsibility to save time and focus on running your business, affordable LLC services are a great solution. Not only will they form your business in the first place, but they’ll also manage ongoing requirements like ongoing report filing. Once you're ready to lock it down, have ZenBusiness file all the paperwork.
What Is a Utah Annual Renewal? Why Is It Important?
Consider an annual renewal the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Utah business.
Each state has its own annual reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting an annual renewal.
Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.
For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Utah might end up falling out of good standing or, even worse, being administratively dissolved.
Moreover, keeping your information current will help other businesses and potential customers find you. If the Secretary of State has the most updated data on record, people can find your business by performing a name search.
How Much Does the Utah LLC Annual Renewal Fee Cost?
If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include annual filings like this one, just so that there are no surprises.
Costs vary from state to state. Some are free while others can be several hundred dollars. Fortunately, Utah’s annual renewals won’t break the bank. Each one is just $20.
Due Date and Frequency for an Annual Renewal in Utah
The Utah annual renewal is due once per year on your LLC’s anniversary date. This is the date that your Certificate of Organization was approved, officially forming your business. So, if you form your LLC on November 17, 2021, your first annual renewal will be due by November 17, 2022. You can file your annual renewal up to 60 days before its due date.
What Happens if You Don’t File?
You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your annual renewal can yield some serious consequences.
If you miss your annual renewal due date, don’t panic. You can still file late, but there will be a $10 late fee and your LLC will be in “delinquent” status until you file your renewal. If you don’t file your renewal within 30 days of the due date, the state can administratively dissolve your LLC and revoke your privilege to conduct business. So, make sure you file on time!
If your LLC’s anniversary date is coming up, you’ll want to start prepping to file your annual renewal. It’s a good idea to take stock of your business information, including any changes from the past year. The annual renewal form itself barely requires any information – you only need to provide:
- Entity name
- Entity file number
- Entity type (corporation, LLC, etc.)
- Expiration date
However, if you need to make changes to your business or contact information, you’ll also need to file a Registration Information Change Form, which allows you to change your LLC’s:
- Business purpose
- Registered agent name and/or address
- Principal address
- Members or managers
- Name, title, and signature of the LLC’s authorized person
Typically, the Registration Information Change Form costs $15, but when you submit it with your annual renewal, that fee is waived.
Ready to file? You have two options: online or by mail. Both of these are equally effective, although electronic submissions are processed within two business days while hard copy submissions take 7-10.
Online Filing: Utah.gov has a dedicated annual renewal filing portal on which you’ll need to enter your entity number and renewal ID. You’ll find these numbers on a postcard that the state will send to your registered agent. From there you can follow the onscreen instructions to enter and/or confirm your business information. When you’re finished, you can enter your payment information and complete the filing.
Filing by Mail: Download and complete an annual renewal paper form. If you need to make changes to your business information, you’ll also need a Registration Information Change Form. Include a check made out to the “State of Utah” and send everything to:
Utah Division of Corporations & Commercial Code
P.O. Box 146705
Salt Lake City, Utah 84114-6705
Does the State Send Reminders?
Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.
At least 60 days prior to your annual renewal due date, the state will send a postcard to your LLC’s registered agent. This postcard serves as an official reminder and contains the entity number and renewal ID necessary for filing. But sometimes one reminder isn’t enough. We recommend that you establish your own system of reminders leading up to your LLC’s anniversary date, just to ensure that you don’t forget.
There you have it, everything you need to know about Utah’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.
And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.
Frequently Asked Questions
About Filing the Utah LLC Annual Renewal
Should I use an annual renewal service, hire an attorney, or prepare and file my own reports?
This question largely comes down to personal preferences, but we do have some general insights. The DIY route can be quite a bit of work, as you’ll need to keep track of your due dates and complete the entire report on your own with no assistance. As for hiring an attorney, this can be prohibitively expensive for many businesses, as a lawyer can charge hundreds or even thousands of dollars to prepare and file your annual renewals.
You can think of business services companies as a middle ground between these options. While most of these companies charge a fee to prepare and file your annual renewals, that fee will be significantly less expensive than an attorney’s fee. At the same time, you still aren’t going it alone. Instead, you have an experienced professional guiding you through the entire process.
I’ve heard the most about LegalZoom. Are they the best annual renewal service?
LegalZoom is the most well-known of all business services companies, thanks to its long track record and extensive advertising campaigns. That said, all of that brand power comes at a cost, as LegalZoom’s pricing and features don’t always compare advantageously to its competitors. While we do appreciate LegalZoom’s annual renewal filing service, it isn’t our top choice.
When is my annual renewal due each year?
The answer to this question depends on when you first formed your Utah LLC. Each LLC’s annual renewal is due before its anniversary date each year. So, if you formed your LLC on December 4th, you will need to file your renewals no later than December 4th of each subsequent year.
Does Utah require LLCs to file initial reports?
In some states, LLCs are also required to file initial reports. These reports are typically quite similar to annual reports, with the difference being that an initial report either accompanies your formation documents or follows their filing within a couple of months.
In Utah, there is no requirement for LLCs to submit initial reports. Instead, this state gathers all of the information it needs for your LLC’s first year in business from your Certificate of Organization filing.
What if I need more time to complete my annual renewal?
Utah does not offer extensions for LLC annual renewals. If you miss your filing deadline, the state immediately assesses a $10 fee and places your LLC in “delinquent” status. That said, the state does give you a one-month grace period to catch up on your delinquent filing before administratively dissolving your LLC.
Where can I find more official information about Utah’s LLC annual reporting requirements?
To be perfectly honest, Utah doesn’t do a great job of providing official info about LLC annual renewals online. If you have questions that this article can’t answer, you might want to contact the Division of Corporations and Commercial Code for further assistance.
LLC Annual Reports in all 50 States
We break down the LLC Annual Reporting process for all 50 states. View our guides below.