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 consists of two parts: a Franchise Tax and a Public Information Report. Each LLC must submit these filings to the Utah Comptroller every year to keep their information current. 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.
For brevity’s sake, we’ll refer to these two combined filings as the “Annual Report” in this guide.
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.
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. Plus, according to the Annual Renewal form, it “may result in the loss of all protection and privileges in the State of Utah.” 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
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 2 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 “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.
In the year 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.
Can I Hire a Service to Handle it?
You probably have a full plate as it is, and the thought of adding one more responsibility to your to-do list might make you shudder. You’re not alone.
Plenty of other LLC owners have outsourced their reporting duties to LLC services. These companies will take the entire process off your hands, handling your Annual Renewal each year. If that piques your interest, we recommend ZenBusiness, which is an experienced and trustworthy LLC company.
But their services aren’t restricted to forming an LLC or managing Annual Renewals. They can also help you form your business, draft an operating agreement, handle registered agent responsibilities, and much more, all for a reasonably low price.
If thinking about your LLC responsibilities ties your stomach in knots, let ZenBusiness take some of those worries off your plate.
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.