Starting an LLC in Utah is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Utah: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
Quick Tip
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Utah. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Utah will require from you:
- Legal name of the entity
- Your business’s file number
- Your entity type (LLC)
- Date of expiration
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, you’ll need to head to the Division of Corporations and Commercial Code. More specifically, you’ll want to head to the state’s Business Renewal page. This is a dedicated portal for annual reports. All you have to do is log in, fill out the required information, and submit it.
If you’d rather file by mail, you can download an Annual Renewal form. But please note: if you have to make any changes to your LLC’s information, you’ll also have to file a Registration Information Change Form.
The annual report (and the initial report) isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire a Utah LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Utah’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. Utah, however, keeps fees very reasonable at just $20 for the annual renewal. If you have to file a change of information, too, then you’ll have to pay $15 for that form, too. You probably won’t have changes to file every year, so usually, you’ll pay just $20.
How you file your forms will also affect how you’ll pay. If you file by mail, you’ll need to include a check or money order with your report. But if you file online, be sure to have a credit or debit card on hand to make the payment.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Utah, the annual report fits its name; you’ll file every year.
More specifically, you’ll need to file your annual report by your LLC’s anniversary date. That’s the date on which the state approved your LLC. So if Utah approved your Certificate of Organization on January 5th last year, then you’d need to file your report by January 5th this year.
If you don’t file on time, you’ll get hit with a $10 late fee.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, failing to file your annual report can cost you your good standing in the state. Utah warns that not filing “may result in the loss of all protection and privileges in the State of Utah.” Translation? They could administratively dissolve your business, closing it by force.
If that happens, don’t panic; you can get reinstated. But it’s a major hassle to do so. It’s far easier to avoid that hassle entirely by filing on time each year.
Conclusion
Quick Tip
Maintaining a Utah LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.